President John Dramani Mahama has announced a new direction for Ghana’s mining sector, stating that the country’s mineral wealth must primarily benefit its citizens.

Addressing the inauguration of the Ghana Gold Board Taskforce in Accra on Tuesday, July 8, 2025, the President said the long-standing model of raw extraction with limited returns to the state must give way to value retention, responsible mining, and greater Ghanaian participation.

“For too long, we have allowed our natural resources, especially gold, to be exploited with little benefit to our people. That must change,” Mr Mahama said.

The Ghana Gold Board, operationalised under Act 1140, has been mandated to regulate and manage the trade and export of gold.

Mr Mahama said the Board would help ensure that Ghanaians take the lead in owning, producing, and refining gold, with particular attention to formalising the small-scale mining sector.

“We are creating space for Ghanaian companies with the capacity to own and run productive gold mines. We will not sit back while others reap the gains from resources that belong to the people of Ghana,” he stated.

The President announced that a national traceability system would be introduced to track every gram of gold to its licensed and environmentally compliant source.

He said the Gold Board would support geological mapping for small-scale miners and invest in environmental recovery through land reclamation and afforestation projects.

Mr Mahama said the government would no longer tolerate illegal trading and smuggling of gold. He explained that the newly inaugurated taskforce, made up of personnel from national security and other state agencies, would be deployed to enforce the law with the aid of real-time oversight systems, body-worn cameras, and GPS-monitored vehicles.

“All field operations will require written approval, and whistleblowers whose information leads to the recovery of gold or cash will receive 10 per cent of the value,” he announced.

He warned that any officer found abusing their authority would be dismissed, prosecuted, and stripped of all benefits.

Mr Mahama also reiterated the government’s plan to shift from exporting unrefined doré bars to refined bullion. He said an ISO-certified national assay laboratory is expected to be ready by 2026.

In addition, he revealed plans to establish a “Gold Village” to support local manufacturing of jewellery and ornaments in a bid to promote value addition and reduce dependence on imports.

“We must stop exporting raw value. Our women should not have to go to Dubai to buy jewellery made from Ghana’s gold. They should be able to buy it right here,” he said.

Mr Mahama noted that the Ghana Gold Board initiative, first proposed in the NDC’s 2020 manifesto and formalised in 2024, has moved from policy to implementation.

He said it forms part of a broader national economic reset aimed at ensuring long-term benefits for the Ghanaian people.