President John Dramani Mahama has praised the Ghana Gold Board (GoldBod) as a demonstration of what asserting sovereignty over natural resources can achieve, highlighting massive improvements in foreign exchange earnings and transparency in the gold trade since the institution’s establishment earlier this year.
Speaking at the third African Association of Accountants General (AAAG) Conference in Accra on November 24, 2025, Mahama detailed how persistent discrepancies in Ghana’s gold export records compared with figures reported by destination countries motivated the government to create GoldBod under Act 1140 in March 2025.
The President recalled the challenges that plagued unregulated gold trading, describing how informal traders would venture into remote areas to purchase gold from small scale miners, creating significant gaps in official export records. He noted that studies revealed a disparity between how much gold Ghana reported exporting and how much gold trading partners like India and Canada reported receiving, with the shortfall estimated at 229 metric tonnes over five years, representing more than 11.4 billion dollars in lost revenue.
The establishment of GoldBod made it illegal to export gold outside regulated channels, with stringent penalties including fines between 600,000 and 2.4 million cedis, or imprisonment ranging from five to 10 years, or both. The results, according to Mahama, have been dramatic and immediate.
Between February and May 2025, GoldBod purchased and exported 41.5 tonnes of small scale miner gold valued at approximately four billion dollars. Chief Executive Officer Sammy Gyamfi described this as the first time in Ghana’s history that gold exports from the artisanal and small scale mining sector exceeded those from the large scale sector.
By mid October 2025, GoldBod and the Precious Minerals Marketing Company (PMMC) had generated over eight billion dollars from small scale gold exports, representing a 75 percent increase over the entire 2024 total of 4.61 billion dollars. The strong performance has positioned Ghana to potentially exceed 12 billion dollars in total gold export revenue for 2025.
The centralized approach has helped reduce illegal gold smuggling, which previously cost the country billions annually through informal channels often destined for markets in the United Arab Emirates and other destinations. By requiring all gold purchases and exports to flow through GoldBod’s licensing regime and collaborating with security forces, the Board has significantly improved compliance across the sector.
Bank of Ghana data released in early November showed that total gold reserves reached 38.04 tonnes by October 31, 2025, representing more than a 35 percent increase compared to the 28.1 tonnes recorded in October 2024. The central bank added approximately 7.51 tonnes between January and October this year through its Domestic Gold Purchase Programme, which launched in June 2021.
The President emphasized that the Board’s oversight ensures transparency from mine to export, enabling Ghana to capture significantly more value from its resources. Gold alone contributed an estimated 11.2 billion dollars to Ghana’s export revenues between January and September 2025, helping strengthen the cedi against depreciation pressures and reduce inflation.
Mahama argued forcefully that African nations must take ownership of their mineral wealth, stating that God blessed the continent with natural resources that must be used to improve people’s lives. He urged countries endowed with minerals to deepen sovereignty over their extractive sectors, particularly regarding export oversight and value addition, to maximize national benefit.
The President cited recent decisions by some developed countries to scale down aid to Africa as further justification for strengthening domestic resource governance. He emphasized that Africa should not shy away from asserting such control over its natural resources, especially when the results demonstrate clear economic benefits.
Beyond reducing illegal trade, GoldBod has helped formalize the small scale mining sector, which employs an estimated one million people directly and supports over 4.5 million livelihoods indirectly. The Board provides fair and transparent pricing linked to international gold spot markets, offers digital payments that bypass exploitative middlemen, and creates opportunities for capacity building through continuous training and community development.
The organization has begun licensing players in the gold trading sector to promote responsible sourcing and traceability. License categories range from aggregation and buying licenses to refining, smelting, transportation and export partnership licenses. Before year end, GoldBod plans to roll out a digital traceability technology for its entire supply chain, ensuring that every gram of gold purchased can be traced throughout its custody points back to the mine where it was produced.
In July 2025, President Mahama inaugurated a GoldBod Task Force mandated to dismantle smuggling networks and secure the country’s gold value chain. The task force members underwent polygraph tests, anti corruption briefings and team exercises before deployment. Every field operation must be authorized in writing by the CEO, and all officers wear body cameras while vehicles are GPS tracked to prevent abuse.
To encourage public participation in combating illegal activities, the President announced a reward system where whistleblowers whose leads result in arrests or retrieval of gold or cash receive a 10 percent lump sum of the value involved.
The Board is also working toward attaining London Bullion Market Association (LBMA) certification for Ghana’s gold, which would enhance international recognition and potentially command premium pricing. Plans include training artisanal and small scale miners in responsible and sustainable mining practices, and the Minister of Lands and Natural Resources, in collaboration with GoldBod and the private sector, will soon launch an ambitious project to reclaim 10,000 hectares of mined outlands.
Artisanal and small scale mining production rose to 1.9 million ounces in 2024, representing a 70 percent increase from 1.1 million ounces in 2023. The sector’s contribution to total national output grew from 28 percent to 39 percent over the same period, with total national gold production reaching approximately 4.8 million ounces in 2024, up from 4.0 million ounces in 2023.
Frederick Riaga, AAAG Chief Executive Officer, stressed that Africa’s development ambitions hinge on transforming how governments manage public funds, urging adoption of agile, digital, citizen centered and climate responsive systems. AAAG Chairperson Malehlohonolo Mahase described the conference as more than a professional gathering, calling it a movement to advance transparency, accountability and effective service delivery in Africa’s public sector.
The AAAG is a pan African organization under the African Union that works to promote transformation, transparency and accountability in the management of public resources. The conference, themed “Africa of Tomorrow: Positioning Public Financial Management for Economic Prosperity,” ran from November 24 to 27, 2025, at the Accra International Conference Centre, attracting more than 2,000 participants including senior government officials, finance professionals, development partners and fintech innovators.
Mahama’s address at the conference detailed broader reforms his administration implemented over 10 months to restore fiscal discipline following Ghana’s default on external debt and subsequent credit rating downgrade. These include stricter spending controls requiring ministerial approval for expenditures, amendments to the Public Procurement Act to curb inefficiencies, and a legislated debt ceiling limiting borrowing to 45 percent of gross domestic product.
The President’s emphasis on GoldBod’s success reflects a broader vision of African economic transformation predicated on domestic resource mobilization, transparent governance and strategic value addition rather than continued dependence on external financing and raw material exports.
