GoldBod Launches New LBMA-Aligned Gold Pricing Regime to Enhance Market Transparency

John Mahama announces phased ban on raw mineral exports by 2030

President John Mahama has announced a phased prohibition on the export of unprocessed minerals, including bauxite, manganese, and lithium, which is set to be fully implemented by 2030. Speaking at the 2026 Mining in Motion Conference in Accra, the President emphasized that the move is essential to drive domestic industrial development and ensure that Ghana retains more value from its natural resources. The policy aims to shift the focus from exporting raw ore to establishing local processing and refining facilities, supported by legal measures to ensure transparency and investor commitment. The Ghana Gold Board (GoldBod) is central to this transition, having already overseen a significant increase in gold export earnings. According to President Mahama, gold exports rose from 64 tonnes in 2024 to 104 tonnes in 2025, generating approximately $10.8 billion in revenue. GoldBod CEO Sammy Gyamfi stated that the board is working closely with local refineries to ensure more gold is processed within the country. Additionally, the government is utilizing the Ghana Integrated Aluminium Development Corporation and the Ghana Integrated Iron and Steel Development Corporation to build the infrastructure necessary for a complete value chain in the bauxite and iron sectors. The policy has received strong international endorsement from the African Union (AU) and the OECD. AU Commissioner Madam Francisca Tatchouop Belobe recommended Ghana’s GoldBod model as a benchmark for other African nations to improve mineral resource management and economic resilience. Similarly, the OECD praised the progress made in formalizing the artisanal gold trade through regulated channels. Karim Dahou of the OECD highlighted that these advancements are critical for developing transparent, competitive mineral supply chains that can serve as a global model. In addition to domestic reforms, President Mahama called for a unified African voice in negotiating mineral rights to ensure the continent achieves fair value for its resources. This sentiment was echoed by the Deputy Minister for Lands and Natural Resources, Alhaji Yusif Sulemana, who noted that the government is creating policies to facilitate cross-border investments aligned with national economic priorities. The administration maintains that these efforts will ultimately lead to job creation and better environmental protection while ensuring that mining revenues directly benefit local communities.