President Mahama: GoldBod to Maximise Ghana’s Gold Export Benefits
President John Dramani Mahama has reaffirmed the government’s commitment to maximising the economic benefits Ghana gains from its gold exports with the establishment of the Ghana Gold Board, also known as GoldBod. According to the President, the recent passage of the GoldBod Act by Parliament and his subsequent assent to it will bring much-needed reforms to the mining sector, ensuring that the country earns greater value from its gold resources.
Speaking in a video that chronicles the evolution of GoldBod—from its conceptualisation to the final presidential approval—President Mahama explained that the establishment of the board was designed to bring structure, oversight, and greater financial returns to the nation’s mining industry. Holding up the newly signed Act, he said, “This is the GoldBod Act. This sets up the GoldBod that will streamline Ghana’s gold sector, including our exports, to make sure that Ghana earns more value for money from our gold mining exports.”
The video offers a behind-the-scenes look at the entire journey leading to the creation of GoldBod. It opens with the transformation of the Precious Minerals Marketing Company (PMMC), which has long served as the country’s national assayer, into the new GoldBod. The footage captures key moments such as the inauguration of the technical committee responsible for laying the groundwork for the board’s establishment, as well as consultations held with stakeholders in the mining sector.
Additionally, it documents Parliament’s deliberations on the bill, culminating in its passage on Friday, March 28, 2025. The footage also features scenes from various engagement sessions held to gather input from industry players, civil society, and government institutions, all aimed at ensuring that the final legislation addresses the most critical issues facing the sector.
Under the new legal framework, GoldBod assumes a central role in regulating Ghana’s gold trade and export. Although it functions as a monopoly in the gold export market, its powers are specifically limited to overseeing and ensuring compliance by licensed agents affiliated with the board. In other words, only agents sanctioned by GoldBod will be allowed to participate in gold trading and exportation under the new system.
The government believes that this streamlined model will eliminate irregularities and improve accountability in the gold export value chain. It is also expected to prevent revenue leakages and curb illegal activities such as smuggling, which have historically deprived the country of significant income.
President Mahama expressed optimism that GoldBod will be a transformative force within the mining sector. By centralising control and tightening regulations, he said, the board will help Ghana capture a larger share of the revenue generated from its rich mineral resources. He also underscored that this initiative aligns with his broader economic agenda of ensuring transparency, improving governance, and strengthening the country’s resource management systems.
As the GoldBod begins operations, all eyes will be on its implementation and the extent to which it can deliver on its promise of maximising returns from Ghana’s most valuable natural export—gold.
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