Mahama on how GoldBod will push for gold refineries
President Mahama on how GoldBod will push for gold refineries in Ghana
President John Dramani Mahama has announced a series of policy measures aimed at reducing Ghana’s longstanding reliance on the export of unprocessed minerals, stressing the need to develop domestic refining, battery production, and value-added industries.
Speaking at the Global Mining Summit in Accra on Monday [June 2, 2025], the President Mahama argued that Ghana’s current approach to mineral extraction benefits foreign economies far more than it helps its citizens.
He noted that minerals are exported in raw form and later imported as finished goods at a much higher cost.
“We must move beyond extraction to transformation,” Mr Mahama said. “Refining our gold, producing jewellery, converting lithium into battery components, and processing bauxite into alumina and aluminium is the path to a resilient and diversified economy.”
Ghana remains Africa’s leading gold producer and holds commercially viable deposits of lithium, iron ore and bauxite.
Despite this wealth, Mr Mahama pointed out that these resources have not resulted in broad-based economic improvements for most Ghanaians.
He attributed the issue to years of external dominance in the sector and limited local industrial development.
He explained that government policy now seeks to link the mining sector more closely with manufacturing, energy and logistics, backed by research institutions and skills training.
Touching on gold, Mr Mahama pointed to early results from the Ghana Gold Board, which he said has generated $2.7 billion in export earnings so far. He added that the Board’s collaboration with the Precious Minerals Marketing Company (PMMC) is expected to strengthen these gains.
A new track-and-trace system is set to be introduced to verify that all exported gold meets both environmental and ethical standards.
He also said the Board would work with private companies to rehabilitate 10,000 hectares of land affected by mining.
On lithium and other minerals used in clean energy technologies, Mr Mahama said Ghana will introduce clear policies and legal measures to attract long-term investors, encourage technology transfer and support local participation in emerging industries.
According to him, these efforts are aimed at making Ghana a regional centre for battery production and related industries.
With the headquarters of the African Continental Free Trade Area (AfCFTA) located in Accra, the President also urged stronger cooperation among African countries with mineral resources to increase benefits across the continent.
“We welcome partnerships with Guinea on bauxite, the DRC on cobalt, South Africa on platinum, and any willing nation for mutual beneficiation,” he said.
The 2025 summit, officially known as Mining in Motion, brought together African heads of state, traditional rulers, industry leaders and global partners to discuss how the continent’s mineral wealth can support sustainable growth. T
he event was held under the patronage of the Asantehene, Otumfuo Osei Tutu II.
