MIIF records GH₵7.82bn in mineral royalty receipts by September

African Union recommends Ghana’s GoldBod as model for mineral sector reforms

The African Union (AU) has designated Ghana’s Gold Board (GoldBod) as a premier model for mineral sector reforms across the continent. Speaking at the Mining in Motion Conference in Accra, the AU Commissioner for Economic Development, Madam Francisca Tatchououp Belobe, urged other African nations to emulate the GoldBod framework to enhance value retention from their natural resources. The recommendation highlights Ghana’s success in using strategic mineral management to bolster economic resilience and stabilize foreign exchange reserves. Commissioner Belobe noted that the GoldBod initiative is instrumental in strengthening foreign exchange management and supporting currency stability. The board’s performance has been robust, generating US$1.871 billion in foreign exchange from gold trading in 2025, a figure that exceeded its monthly targets. President John Mahama has also commended the board’s achievements, noting a significant surge in artisanal and small-scale gold exports, which rose from 64 tonnes in 2024 to 104 tonnes in 2025, providing a substantial boost to the national economy and local enterprises. The AU’s endorsement aligns with Ghana's broader strategy to move beyond the export of raw minerals. GoldBod aims to transition from primary gold exports to established processing and manufacturing industries by 2030. This shift is intended to capture more of the value chain within the country, fostering industrialization and local content. Commissioner Belobe emphasized that such reforms are vital for African countries looking to build international reserves and alleviate the persistent currency pressures often found in commodity-dependent economies. Ultimately, the discussions in Accra underscored the importance of regional cooperation and responsible mining practices. By adopting the GoldBod model, the AU believes African nations can better align their mineral sectors with national development goals. This approach ensures that the extraction of precious metals contributes directly to long-term economic stability and prosperity. The recognition places Ghana at the forefront of African mineral policy innovation, encouraging a shift toward more sustainable and value-added resource management.