Ghana is seeking to use its position as Africa’s top gold producer to strengthen its foreign exchange position, increase domestic value addition and give the country greater leverage in financing its economic development, President John Dramani Mahama has said.
Speaking to Ghida Fakhry on TRT World’s Bigger Than Five, Mahama said the government’s efforts to formalise artisanal and small-scale mining were helping bring more gold production into the formal economy and reduce losses through smuggling.
He said Ghana’s gold production had risen from 64 tonnes in 2024 to 104 tonnes, generating $10.8 billion for the economy.
“We’re buying the gold off them before it needs to be smuggled out by anybody,” Mahama said, referring to the government’s efforts to purchase gold from small-scale miners through the formal system.
The government has sought to strengthen its control over the domestic gold trade through the Ghana Gold Board, while also moving towards greater traceability and local processing. GoldBod has been established to centralise the purchase and export of gold from licensed artisanal and small-scale miners.
Mahama said the strategy was not limited to increasing gold exports. Ghana is also seeking to refine more of its gold domestically and develop a jewellery industry that would allow the country to capture more value from the commodity.
“We’re going one step beyond just exporting the raw gold,” he said.
He said two refineries were already operating in Ghana and that the government wanted to build a gold souk where African and Ghanaian jewellery could be produced and sold.
The strategy fits into Mahama’s broader argument that African countries must move away from exporting raw resources and use their natural wealth to strengthen their economies.
For Ghana, gold could also provide greater financial leverage. Mahama has argued that stronger African financial institutions and greater use of the continent’s own resources could reduce reliance on expensive international capital markets.
The government’s push to formalise gold production comes as the country seeks to capture more foreign exchange from a sector that has historically suffered significant losses through informal trade and smuggling. Ghana recorded $5 billion in gold exports in the first five months of 2025 after the GoldBod began operations, according to figures previously cited by Mahama.
Mahama said the ultimate objective was to ensure that Ghana gains more than export revenue from its gold resources.
“We have two refineries currently operating in Ghana… And we are refining that gold before export,” he said.
The approach reflects the broader economic strategy behind the Accra Reset agenda, which seeks to give Ghana and other African countries greater control over their natural resources, production and financing while reducing their dependence on external economic systems.
