President John Dramani Mahama has defended his government’s decision to restrict gold exports, insisting that the policy is necessary to ensure Ghana derives maximum economic benefits from its mineral resources.

Speaking during an engagement with the Ghanaian community in Moscow, Russia, the President said the significant revenues recorded from gold demonstrated the potential of the policy to support national economic transformation.

He indicated that the government intends to extend the approach to other mineral resources to ensure that the country captures greater value from its natural wealth.

According to President Mahama, the Ghana Gold Board (GOLDBOD) Act forms part of broader measures to regulate the gold trade, retain foreign exchange earnings within the country and strengthen the economy.

He explained that, before the introduction of the new measures, gold could be purchased in Ghana and exported without the corresponding foreign exchange necessarily returning to the country.

“Prior to that, anybody could buy gold in Ghana and take it out, and the forex normally didn’t come back,” he said.

The President maintained that improving oversight of the gold trade would help Ghana benefit more directly from its mineral production while supporting efforts to stabilise the cedi.

He also stressed the importance of formalising the artisanal and small-scale mining sector to ensure that gold production is properly documented and accounted for.

The government’s long-term objective is to achieve full enforcement of the export restrictions by 2030, with the policy eventually covering raw or unprocessed minerals beyond gold.

The targeted minerals include bauxite, manganese, iron ore and lithium, as the government seeks to promote greater domestic value addition and ensure the country derives more economic benefits from its natural resources.

Story by: Andre Mustapha Nii Okai Inusah
Popularly Known As: Attractive Mustapha
Email: attractivemustapha@gmail.com
Contact Number 0244259564