President John Mahama defends gold export restrictions in Moscow

President John Mahama has defended the government's decision to tighten gold export regulations, describing the measures as critical for stabilizing the cedi and ensuring that foreign exchange earnings remain within the domestic economy. Speaking during a meeting with the Ghanaian community in Moscow, the President explained that these reforms are designed to address long-standing gaps in how the nation’s mineral wealth benefits the local economy. He emphasized that the policy is a necessary step toward achieving macroeconomic stability and protecting the value of the national currency.

At the heart of these reforms is the Ghana Gold Board (GOLDBOD) Act, which the President highlighted as a key instrument in regulating the gold trade. He noted that the new framework aims to streamline how gold is sold and exported, ensuring that the central bank and the domestic financial system can better manage the resulting foreign currency inflows. By consolidating the trade under structured oversight, the government intends to curb the unregulated outflow of foreign exchange that has historically contributed to economic volatility.

Beyond gold, President Mahama signaled a broader shift in Ghana's natural resource management strategy. He indicated that the government plans to formalize the small-scale mining sector to bring it fully within the regulatory net. Furthermore, he revealed a long-term goal to extend similar export restrictions to other raw minerals, including bauxite, by the year 2030. This strategy is part of a wider effort to move away from the exportation of raw materials toward industrial value addition, which the administration believes will maximize national revenue.

The President’s remarks come as his administration seeks to strengthen the country's economic fundamentals through more assertive resource governance. By reinforcing the importance of the GOLDBOD Act and setting a 2030 target for other minerals, the government is positioning mineral resource sovereignty as a cornerstone of its industrialization agenda. The success of these measures will likely depend on the effective implementation of the new regulations and the government's ability to facilitate a transition toward domestic refining and processing.