Mahama Links Gold Trade Reforms to Cedi Stability and Foreign Exchange Retention

President John Dramani Mahama has linked his government’s gold trade reforms to efforts to retain foreign exchange in Ghana and support the stability of the cedi.

Addressing members of the Ghanaian community in Moscow, Russia, the President defended restrictions on gold exports, saying the measures were designed to ensure that the country benefits more substantially from the exploitation of its mineral resources.

He explained that the Ghana Gold Board (GOLDBOD) Act was part of a broader strategy to streamline the gold trade and strengthen the link between mineral production and national economic development.

According to the President, Ghana previously faced challenges in ensuring that foreign exchange generated from gold exports returned 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,” he said.

President Mahama argued that improving the regulation of gold transactions would help address this challenge while ensuring that revenues from the sector contribute more effectively to the country's economic needs.

He also highlighted the importance of formalising artisanal and small-scale mining, explaining that the government wants every ounce of gold produced to be properly accounted for.

The President said the substantial revenues recorded from gold under the current approach demonstrated the potential for the policy to deliver wider economic benefits.

Beyond gold, the government intends to extend restrictions on the export of raw or unprocessed minerals to resources such as bauxite, manganese, iron ore and lithium.

The administration aims to achieve full enforcement of the restrictions by 2030, with the broader objective of ensuring that Ghana captures more value from its natural resources.

The policy forms part of the government's efforts to strengthen foreign exchange retention, improve mineral revenue management and accelerate economic transformation.

Story by: Andre Mustapha Nii Okai Inusah

Popularly Known As: Attractive Mustapha

Email: attractivemustapha@gmail.com

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