John Dramani Mahama is the President of Ghana
President John Dramani Mahama has described Ghana’s mining sector, particularly gold production, as one of the major drivers of the country’s economic recovery.
According to him, reforms introduced in the gold sector have helped increase gold exports, boost foreign exchange inflows and strengthen the economy.
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Speaking during an engagement with Ghanaians in Moscow, Russia, on Thursday, October 29, 2026, President Mahama said the mining sector had played a significant role in improving Ghana’s economic performance.
“One sector that has proved very transformational to our economy is mining, especially gold, and so naturally that’s why everyone’s attention is on it. So ‘Poor’ Sammy Gyamfi has been the focus of attack, especially by the Minority,” he said.
President Mahama explained that the idea of establishing the Ghana Gold Board was developed before the 2020 general elections and subsequently refined ahead of the 2024 elections.
He said the government moved quickly to introduce the necessary legislation after taking office to ensure that gold exports were properly regulated and foreign exchange earnings repatriated to Ghana.
“And so as soon as we hit the ground, we knew exactly what we wanted to do. We had the legislation ready. We had prepared the legislation for the Gold Board,” he stated.
He disclosed that gold exports from the small-scale mining sector increased from 64 tonnes in 2024 to 104 tonnes in 2025 following the establishment of the Ghana Gold Board.
“And so in 2024, we exported 64 tonnes of gold. And in 2025, after the Gold Board came into operation, we exported 104 tonnes of gold,” he said.
President Mahama further revealed that foreign exchange earnings from small-scale gold exports rose from $4.6 billion in 2024 to $10.8 billion in 2025.
He explained that the increase had contributed to the stability of the Ghanaian cedi and helped the country build its foreign reserves.
“And so, of course, that has helped to stabilise the cedi because there's availability of forex. And aside from that, it has helped us to increase our foreign reserves,” he stated.
President Mahama also disclosed that Ghana was holding discussions with Russian investors over potential investments in the country’s bauxite and aluminium industries.
He explained that Ghana currently exports raw bauxite while importing alumina for processing at the Volta Aluminium Company (VALCO), creating a gap in the country’s aluminium production chain.
“We export the raw bauxite. And then we import alumina to VALCO. And then VALCO produces aluminium and exports the aluminium. And so there's a missing link there,” he explained.
President Mahama said the discussions with potential investors were aimed at attracting investment into bauxite refining, enabling Ghana to process more of its mineral resources locally rather than exporting them in their raw form.
JM Meets Ghanaians in Moscow: “One sector that has proved very transformational to our economy is mining, especially gold, and so naturally that’s why everyone’s attention is on it. So ‘Poor’ Sammy Gyamfi has been the focus of attack, especially by the Minority.” — President Mahama
— The1957News (@The1957News) October 29, 2026
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