As of June 3, 2025, Ghana has firmly positioned itself as a rising force in the global gold bull market. Spearheaded by President John Mahama, the country’s mining sector has achieved a historic milestone, earning $2.7 billion in gold export revenue between January and April 2025. This surge, fueled by strategic policies and strong leadership from the Ghana Gold Board and GOLDBOD, underscores Ghana’s commitment to turning its natural resources into sustainable economic gains.
GOLDBOD Strengthens Ghana’s Position in the Gold Bull Market
The Ghana Gold Board, through its operational arm GOLDBOD, is making calculated moves to capitalize on global gold trends. With gold prices rising by 30% in 2024 after a 15% climb in 2023, demand remains high. According to the World Gold Council, global demand hit 4,899 tons in 2023, driven largely by central banks and renewed Western interest in gold ETFs. Ghana’s gold export revenues mirrored this surge, jumping by 52.6% in 2024 to reach $11.6 billion, compared to $7.6 billion in 2023.
To ensure that Ghana benefits more from this gold bull market, GOLDBOD has signed agreements with nine gold mining firms. These agreements require companies to deliver 20% of their export-bound gold to the state in the form of doré bars. This not only improves the country’s foreign exchange reserves but also strengthens its grip on gold trade governance.
Ghana Gold Board: Cleaning Up and Scaling Up
Speaking at the Global Mining Summit, President John Mahama applauded the Ghana Gold Board for its transformative impact.
In its short existence, it has sanitized the gold sector, ensuring maximum returns from our gold exports, he said. These remarks highlight how the board has introduced transparency, accountability, and traceability in Ghana’s gold value chain.
GOLDBOD is also championing sustainability. One of its main goals is to ensure that Ghana’s gold is responsibly sourced and environmentally compliant. It is in the process of introducing a robust track-and-trace system that will certify gold exports based on ethical and sustainable mining practices. This move aligns with ESG (Environmental, Social, and Governance) principles that increasingly guide global investment decisions.
The Ghana Gold Board is taking concrete steps to ensure responsible mining practices among small-scale and artisanal miners. In partnership with the Ministry of Lands & Natural Resources, they will roll out training programs on sustainable mining methods, aiming to reduce environmental degradation and improve safety in mining communities.
President John Mahama’s Gold Strategy and the Future of GOLDBOD
President John Mahama’s broader vision for the gold sector involves leveraging GOLDBOD as a tool for economic reform. His administration has already doubled Ghana’s trade surplus to $4.9 billion, with gold contributing 57% of the country’s total export revenue. These figures are not just statistics; they reflect deliberate policies designed to make gold a long-term pillar of national growth.
The next phase of Mahama’s plan includes seeking London Bullion Market Association (LBMA) certification for Ghanaian gold. Once certified, Ghana’s gold will gain even more credibility and demand on the global market, enabling better pricing and reduced trade barriers.
Meanwhile, the government has launched a reclamation initiative targeting 10,000 hectares of mined-out lands. This project, executed in partnership with private sector players, will convert degraded mining sites into arable or economically useful lands, proving that gold wealth does not have to come at the environment’s expense.
Conclusion: Ghana Sets the Pace in the Gold Bull Market
With the combined efforts of President John Mahama, the Ghana Gold Board, and GOLDBOD, Ghana is poised to remain a dominant player in the gold bull market. Their coordinated approach to sustainable mining, economic reform, and international certification not only increases revenue but also enhances Ghana’s reputation as a responsible gold producer.
From institutional reforms to market-ready strategies, Ghana’s gold sector is experiencing a renaissance. As global demand for gold continues to rise, Ghana's proactive stance ensures it will not just ride the bull market but help steer it.
