Mahama unveils plan to have Goldbod to power refineries and build mineral wealth in Ghana

President John Dramani Mahama has shared a new vision for Ghana. He wants to transform the country from a raw mineral exporter to a regional leader in refining, manufacturing, and clean energy.

At the Mining in Motion Global Summit in Kumasi, he criticized Ghana’s past approach to mineral extraction. He noted that this model enriches foreign economies while leaving Ghana dependent and under-industrialized.

“We must move beyond extraction to transformation,” he stated. He emphasized refining gold, producing jewelry, and processing lithium and bauxite as key steps toward a stronger economy.

Turning Gold into Growth

President Mahama highlighted the success of the Ghana Gold Board (GoldBod). It has generated $2.7 billion in export earnings so far. The Board is working with the Precious Minerals Marketing Company (PMMC) to retain more value from gold exports.

He announced a new track-and-trace system for exported gold. This system will certify gold according to strict environmental and ethical standards.

The President's ambitions extend further. GoldBod will help develop domestic gold refineries and jewelry manufacturing hubs. “This is about owning our story — from mine to market,” he said.

Mining as a Springboard for Industrialization

Ghana is Africa’s leading gold producer but lacks widespread prosperity. President Mahama attributed this gap to external control over mining operations and weak local industrial links.

He announced plans to connect mining with other sectors like manufacturing and energy. Support will come from research institutions and technical universities. There will also be expanded Ghanaian ownership through stock exchange listings and investment platforms.

Clean Energy Minerals, Clean Opportunities

On lithium and other critical minerals, President Mahama aims to make Ghana West Africa’s clean energy hub. He promised clear regulations to attract long-term investors and ensure technology transfer.

“Our goal is to become a regional center for battery production,” he said. He noted Ghana's strategic advantage as host of the African Continental Free Trade Area (AfCFTA) Secretariat.

Building Continental Alliances

The President called for pan-African collaboration on mineral wealth. He proposed joint ventures with countries like Guinea, DRC, and South Africa. “Mutual beneficiation” should replace competition among resource-rich nations, he stated.

Reclaiming the Land

In an effort toward sustainability, Mahama announced that GoldBod will restore 10,000 hectares of land damaged by mining. This initiative aligns resource development with climate resilience efforts.