President John Dramani Mahama has underscored that the remarkable progress achieved by the Ghana Gold Board is a testament to the value of asserting sovereignty over Ghana’s natural resources.
Addressing participants at the 3rd African Accountancy Conference in Accra on November 24, 2025, President Mahama noted that persistent discrepancies in Ghana’s gold export records, compared with figures reported by destination countries were among the key motivations for establishing the Ghana Gold Board.
He explained that the Board was created to formalize, regulate, and closely monitor the gold trade, ensuring transparency and accountability across the value chain.
“The amount of foreign exchange we have begun receiving from the gold trade after establishing GoldBod has suddenly increased significantly,” President Mahama said.
“It shows what greater control over our natural resources can achieve, and Africa should not shy away from asserting such control,” he added.
President Mahama also cited recent decisions by some developed countries to scale down aid to Africa as further justification for strengthening domestic resource governance.
“God has blessed us with these natural resources, and we must use them to improve the lives of our people,” he emphasized.
He urged African countries endowed with minerals to deepen sovereignty over their extractive sectors particularly in export oversight and value addition to maximize national benefit.
The President reiterated that under the current legal framework, it is illegal for any individual or entity to export gold from Ghana without authorization from the GoldBod, warning that strict sanctions await offenders.
The Ghana Gold Board was established by an Act of Parliament in March 2025 to regulate, supervise, and manage all aspects of Ghana’s precious minerals trade.
Within its first year of operation under the leadership of CEO Sammy Gyamfi, Esq., the Board has earned commendation from industry experts for formalizing the gold sector, boosting foreign exchange inflows, and strengthening Ghana’s gold reserves.
GoldBod remains the sole authority mandated to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana.
