Former President John Dramani Mahama has thrown his weight behind GoldBod, a gold-backed economic initiative, expressing confidence that the platform will spearhead Ghana’s long-standing ambition to establish local gold refineries and retain more value from its natural resources.
Speaking at a policy forum in Accra on Tuesday, Mahama emphasized that while Ghana remains Africa’s largest gold producer, the country continues to **export raw gold** without significant local processing—costing the economy billions in potential revenue and jobs.
“We cannot be Africa’s top gold producer and still export our raw resources for others to refine,” Mahama said. “GoldBod presents a real opportunity to change that narrative by championing local investment in gold refining infrastructure.”
GoldBod, launched earlier this year, aims to link gold production with national development strategies, offering financing, regulatory alignment, and private-sector partnerships to build refining capacity in Ghana.
According to Mahama, GoldBod’s role will go beyond just infrastructure. He envisions the initiative as a strategic driver for economic independence, with the potential to support Ghana’s currency, reserves, and industrialization.
“There’s no reason why Ghana cannot host world-class gold refineries that serve the entire sub-region,” Mahama noted. “GoldBod must work with both the government and the private sector to make this a national priority.”
The push aligns with broader continental goals under the African Mining Vision, which advocates for African nations to add value to their minerals before export.
Stakeholders in the mining and finance sectors welcomed Mahama’s comments, describing them as a critical endorsement that could accelerate GoldBod’s influence and attract investor confidence.
As Ghana grapples with inflation, forex instability, and youth unemployment, local gold refining is seen as one of the country’s most underutilized economic opportunities and GoldBod could be the game-changer that brings it home.
