Goldbod initiative generates $2.7 billion in gold exports, reforms sector - Mahama

President John Dramani Mahama announced the Goldbod initiative. This initiative is part of his mining sector reforms. It has generated $2.7 billion in gold export revenue in just four months.

He spoke at the Global Mining Summit on June 2. President Mahama praised Goldbod as a transformative force for Ghana’s gold industry. He highlighted its role in enhancing transparency and curbing illegal mining.

“The Goldbod is key to reforming our gold mining sector,” he said. “It ensures maximum benefits for Ghanaians from our gold resources.” He noted that it has already improved returns from gold exports.

The $2.7 billion revenue came from exports managed by the Precious Minerals Marketing Company (PMMC) and Goldbod between January and April. The president expects this figure to rise throughout the year.

Launched earlier this year, Goldbod aims to centralize Ghana’s gold export processes. It seeks to formalize the gold trade and improve oversight in the sector.

President Mahama emphasized that these reforms increase accountability and efficiency across the gold value chain. “These measures ensure Ghana is no longer shortchanged in the global market,” he stated.

“We can now track our gold exports and plug revenue leakages,” he added. This guarantees that benefits reach the Ghanaian people.