Mahama Defends Gold Export Restrictions, Signals Ban on Raw Mineral Exports by 2030

President John Dramani Mahama has defended Ghana's tightened gold export regime, saying the reforms are helping retain foreign exchange in the country and support the stability of the cedi.

Speaking to members of the Ghanaian community in Moscow, Russia, the President said the Ghana Gold Board (GOLDBOD) Act was introduced to tighten regulation of the gold trade and ensure the country derives greater value from its mineral resources.

According to him, the reforms address longstanding concerns that foreign exchange generated from gold exports was not returning to the domestic economy.

"Prior to that, anybody could buy gold in Ghana and take it out, and the forex normally didn't come back," he said.

President Mahama said the government is also moving to formalise artisanal and small-scale mining to ensure all gold production is properly tracked and accounted for.

He argued that recent gains in gold revenues demonstrate the potential of the policy to boost economic growth and strengthen foreign exchange reserves.

The President further disclosed that the government plans to extend restrictions on the export of raw minerals to bauxite, manganese, iron ore and lithium, with full enforcement targeted by 2030.

The move forms part of a broader strategy to increase value addition, improve mineral revenue management and ensure Ghana retains a greater share of earnings from its natural resources.

— Attractive Mustapha Nii Okai Inusah