President Mahama Praises GOLDBOD Reforms In  Zambian Parliament Address

President John Dramani Mahama has lauded the transformative impact of the Ghana Gold Board (GoldBod) in the country’s economic reset, highlighting its role in boosting gold exports, foreign exchange inflows, and domestic value addition in the mining sector. Addressing the Zambian Parliament, President Mahama emphasized GoldBod’s contribution to Ghana’s economic reforms, citing its establishment as a key driver of increased gold exports and value capture.

GoldBod’s Achievements:

Increased gold exports from artisanal and small-scale mining (ASM) sector from 63 tonnes to 104 tonnes in 10 months

Generated over $10 billion in forex inflow

Signed agreement with local gold refinery to refine 1 tonne of gold weekly

 Aims to commence local processing of manganese and bauxite

President Mahama’s Remarks:

“Ghana established the GoldBod in April last year to take control of and regulate our gold exports. The GoldBod was given sole authority to export gold out of Ghana.” He stressed that countries must move beyond exporting raw materials with little local value addition, framing GoldBod as part of a broader African push for greater sovereignty over natural resources.

Policy Reforms:

Replaced flat-rate royalty system with a sliding scale linked to international prices

Aims to deepen local processing across the extractive sector

Ghana’s Economic Transformation Agenda:

President Mahama positioned GoldBod as a central pillar of Ghana’s economic transformation, leveraging natural resource endowments, strengthening indigenous participation in extractive industries, and retaining greater value within the economy.