John Dramani Mahama defends gold export restrictions in Moscow

President John Dramani Mahama has defended his administration’s decision to restrict gold exports, asserting that the policy is a vital step toward ensuring Ghana retains the maximum possible benefit from its mineral wealth. Addressing the Ghanaian community in Moscow, the President explained that the GoldBod Act was designed to restructure the industry and prevent the loss of potential revenue to external interests.

According to the President, the implementation of these restrictions is already yielding tangible results. He cited significant increases in gold revenue as evidence that the policy is working to secure the nation's financial future. By exercising tighter control over how gold leaves the country, the government intends to stabilize the economy and ensure that mineral exploitation translates into improved livelihoods for all citizens.

Beyond the gold sector, President Mahama signaled that this regulatory approach might be a precursor to broader reforms. He indicated that the government is evaluating the possibility of extending similar export restrictions to other minerals produced in Ghana. This strategy aligns with the administration's focus on value addition and resource management, aiming to move the country beyond its traditional role as a supplier of raw materials.

The engagement in Russia serves as part of the President's efforts to keep Ghanaians abroad informed about domestic policy shifts. As the GoldBod Act continues to guide the sector, the administration maintains that these measures are essential for national sovereignty over natural resources. The President’s remarks suggest that further legislative or regulatory changes may follow as the government seeks to consolidate its gains in the extractive industry.