President John Dramani Mahama has defended Ghana’s restrictions on gold exports, saying the policy is helping the country retain foreign exchange earnings and capture more value from its mineral resources as the government prepares to extend similar controls to other minerals.
Speaking to Ghanaians in Moscow, Mahama said the revenues generated from gold under the new arrangements showed the potential benefits of bringing the trade under tighter state oversight.
The restrictions form part of the government’s broader strategy under the Ghana Gold Board Act, known as GOLDBOD, to formalise the artisanal and small-scale mining sector, improve gold accounting and ensure more export proceeds return 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,” Mahama said.
The government argues that retaining more foreign exchange from mineral exports can support the cedi and increase the economic benefits Ghana derives from its natural resources. However, the president did not provide specific revenue figures or quantify the policy’s contribution to currency stability in his remarks.
Ghana’s longer-term objective is to ensure that no raw or unprocessed minerals leave the country by 2030. The proposed restrictions are expected to cover bauxite, manganese, iron ore and lithium, extending the policy beyond gold.
The plan would mark a shift towards processing more minerals domestically before export, potentially increasing demand for local refining and industrial capacity. Its implementation will depend on the development of processing facilities and the investment required to handle the different mineral resources.
Mahama said formalising small-scale mining was a central part of the gold policy, with the government seeking to ensure that every ounce produced is recorded and accounted for.
The restrictions also reflect the administration’s wider effort to link mineral production more directly to national economic transformation, rather than allowing the country to depend primarily on exports of unprocessed resources.
