Accra:The African Union (AU) has recognized Ghana's Gold Board (GoldBod) as a prime example of how African nations can implement mineral sector reforms to enhance their economies and reduce currency pressures.
According to Ghana Web, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchououp Belobe, emphasized that Ghana's strategy provides valuable insights for countries aiming to improve foreign exchange management, build international reserves, and achieve greater economic stability. Speaking at the Mining in Motion Conference on October 19, 2026, Belobe noted that the establishment of GoldBod showcases how mineral sector reforms can align with national development goals.
GoldBod has been instrumental in generating foreign exchange through its gold trading operations. In September 2026, the institution exceeded its monthly target by generating US$1.871 billion from artisanal and small-scale mining (ASM) gold trading. This revenue was directed through authorized commercial banks and the Bank of Ghana to stabilize the foreign exchange market and bolster the country's reserves.
Belobe's remarks have spotlighted the potential for African countries to reform their mineral sectors, thereby retaining more value from natural resources and fortifying their economies. She also highlighted Ghana's efforts in promoting local content, supporting domestic businesses, and increasing value addition in the mineral sector as a guide for other African nations.
Furthermore, Belobe commended President John Dramani Mahama for Ghana's proactive approach in the mineral sector reforms.