AU Commission cites GoldBod as model for Africa to retain more value from minerals

The African Union (AU) has cited Ghana’s Gold Board (GoldBod) as an example of how African countries can use mineral sector reforms to strengthen their economies and reduce pressure on their currencies.

AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchououp Belobe, said Ghana’s approach offered lessons for countries seeking to improve foreign exchange management, build international reserves and achieve greater economic stability.

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Speaking at the Mining in Motion Conference on Monday, October 19, 2026, Belobe said the establishment of GoldBod demonstrated how reforms in the mineral sector could support broader national development goals.

"The establishment of the Ghana Gold Board illustrates how mineral sector reforms can serve broader national development objectives by improving foreign exchange, strengthening international reserves and supporting currency stability as well as macroeconomic resilience," she said.

Her comments come as GoldBod continues to generate foreign exchange through its gold trading operations.

The institution generated US$1.871 billion from artisanal and small-scale mining (ASM) gold trading in September 2026, exceeding its monthly target of US$1.4 billion.

According to GoldBod, the foreign exchange generated was channelled through authorised commercial banks and the Bank of Ghana to support stability in the foreign exchange market and strengthen the country’s reserves.

The AU commissioner’s remarks have drawn attention to how African countries can reform their mineral sectors to retain more value from their natural resources and strengthen their economies.

Belobe added that Ghana’s efforts to promote local content, support domestic businesses and increase value addition in the mineral sector could serve as a guide for other African countries seeking to derive greater benefits from their natural resources.

"The efforts to strengthen local content, domestic enterprises and mineral value addition also provide important lessons for other African countries," she said.

She also commended President John Dramani Mahama for Ghana’s approach.

ANAS/MA

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