Mahama highlights ‘GoldBod’ gains as Ghana reclaims resource control
President John Dramani Mahama on Wednesday 28th January, 2026 said Ghana’s recent reforms in the gold sector demonstrate how African countries can reclaim control over their natural resources while strengthening economic sovereignty.
Speaking at the Africa Trade Summit 2026, President Mahama argued that Africa must move away from what he described as a colonial-style system of resource extraction that benefits foreign interests at the expense of domestic development.
“On the issue of resource sovereignty, we must break the colonial mode of large, foreign-owned concessions that extract value for the benefit of foreign interests while Africa remains in poverty,” President Mahama said.
He urged African leaders to pursue policies that ensure their countries retain a fairer share of the value generated from natural resources, insisting that this approach is essential for sustainable development.
“We must be boldly selfish and claim a fairer share of our natural resource endowment,” he stated.
President Mahama cited the establishment of the Ghana ‘Goldbod’ as a key reform that has significantly improved oversight and foreign-exchange retention in the small-scale mining sector.
According to him, Ghana exported about 63 tonnes of gold from small-scale mining in 2024, but foreign-exchange repatriation accounted for only around 40 tonnes, meaning the proceeds from 23 tonnes of gold did not return to the country.
“That situation was unacceptable for a country seeking to build economic resilience,” Mahama noted.
He explained that since the Gold Board was established in April 2025, export volumes have increased while financial controls have been strengthened.
“Exports from the small-scale mining sector have now risen to 104 tonnes, and 100 per cent of the foreign exchange is being repatriated through the Bank of Ghana,” President Mahama said.
He described the outcome as clear evidence that resource sovereignty does not hinder production but instead enhances national benefits.
“This is what reclaiming resource control looks like in practice — higher exports, full value retention, and national ownership of our wealth,” he added.
The Africa Trade Summit 2026 brought together African leaders, policymakers, and business executives to discuss strategies for deepening intra-African trade, accelerating industrialisation, and strengthening economic self-reliance under the African Continental Free Trade Area (AfCFTA).
President Mahama’s remarks have renewed calls for African governments to review mining regimes and resource governance frameworks as part of broader efforts to transform the continent’s economies.
