Historic Milestone: Ghana’s direct gold exports through Goldbod surpass large-scale mining for the first time.

President John Dramani Mahama today announced a historic achievement for Ghana’s economy, revealing that inflows from direct gold exports through the Ghana Gold Board (GoldBod) initiative have, for the first time, surpassed exports from large-scale mining operations.

Speaking at the inauguration of the Gold Board Taskforce, the President said that from January to May 2025, direct gold exports reached 51.5 tons, valued at approximately USD 5 billion.

This figure represents a substantial 95% increase in direct gold export value compared to the same period in 2023.

President Mahama attributed this landmark achievement to the government’s strategic decision to formalise the gold trade through GoldBod. He explained that this formalised system ensures that proceeds from these exports are directly channelled into the Bank of Ghana, significantly boosting the nation’s foreign exchange buffers.

“Approximately from January to May, Ghana has exported 51.5 tons through this direct channel, valued at roughly USD 5 billion,” President Mahama stated. “So, USD 5 billion has come directly into the Bank of Ghana, contributing significantly to our reserves.”

He added that these substantial inflows have not only strengthened Ghana’s foreign reserves and improved the national balance of payments but also played a critical role in stabilising the value of the Ghana Cedi.

Emphasising the positive effect on the currency, President Mahama remarked, “It is the GoldBod that has made the Cedi an ‘aberanteɛ’ now,” using a term implying strength or vitality.

The President also provided context for the initiative, stating, “Ghana is Africa’s leading gold producer, and is the number six largest producer globally. Yet for far too long, we failed to derive commensurate benefits from this God-given resource.”

He explained that through the GoldBod, Ghana is asserting national sovereignty over its mineral wealth and implementing a paradigm shift focused on value retention rather than just raw extraction.

“Like cocoa, gold will now be consolidated, traded, and exported through a centralised, transparent system, and the results are already speaking for themselves,” he affirmed.

Despite this significant progress, President Mahama acknowledged that challenges persist, particularly rampant gold smuggling and illicit trade. These activities continue to deny Ghana billions in potential revenue.

To combat this, the President announced a robust incentive programme for whistleblowers: “So whistleblowers, get ready. If you blow the whistle on anybody and gold is retrieved or cash is retrieved as a result of your information, you’ll get 10% of the value of both the gold and the cash.”

This initiative aims to encourage citizen participation in curbing illegal mining and trade.