Moscow:President John Dramani Mahama has highlighted Ghana's mining sector, particularly gold production, as a key factor in the nation's economic recovery. Speaking to Ghanaians in Moscow, Russia, he noted the significant impact of reforms in the gold sector on increasing exports, enhancing foreign exchange inflows, and strengthening the economy.
According to Ghana Web, President Mahama emphasized that the establishment of the Ghana Gold Board was a strategic move initiated before the 2020 general elections and refined ahead of the 2024 elections. The government swiftly enacted legislation to regulate gold exports and ensure foreign exchange earnings were repatriated to Ghana, contributing to economic stability.
President Mahama revealed a notable increase in gold exports from the small-scale mining sector, rising from 64 tonnes in 2024 to 104 tonnes in 2025 after the establishment of the Ghana Gold Board. This surge in exports led to a substantial increase in foreign exchange earnings, from $4.6 billion in 2024 to $10.8 billion in 2025, which helped stabilize the Ghanaian cedi and boost foreign reserves.
Additionally, President Mahama announced ongoing discussions with Russian investors regarding potential investments in Ghana's bauxite and aluminium industries. He highlighted the current practice of exporting raw bauxite and importing alumina for processing at the Volta Aluminium Company (VALCO), resulting in a gap in the aluminium production chain. The discussions aim to attract investment for bauxite refining, enabling more local processing of mineral resources.