…as Ghana Generates US$1.87bn from Small-Scale Gold Trade
The African Union (AU) has endorsed Ghana’s Gold Board (GoldBod) as a potential model for mineral sector reforms across Africa, citing its role in foreign exchange management, reserve accumulation and efforts to strengthen currency stability.
The endorsement comes as GoldBod reports generating US$1.871 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trading operations in September 2026, surpassing its monthly target of US$1.4 billion.
African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchououp Belobe, said Ghana’s approach demonstrated how reforms in the mineral sector could contribute to wider economic development objectives.
Speaking at the Mining in Motion Conference on Monday, October 19, she said African countries could draw lessons from Ghana’s efforts to improve foreign exchange management, strengthen international reserves and promote local participation in the mining industry.
Ms Belobe also commended President John Dramani Mahama for the initiative, indicating the AU’s interest in sharing Ghana’s experience with other countries seeking to improve the management of their mineral resources.
“The establishment of the Ghana Gold Board illustrates how mineral sector reform can serve broader national development objectives by improving foreign exchange, strengthening international reserves and supporting currency stability as well as macroeconomic resilience,” she said.
She added that Ghana’s efforts to promote local content, support domestic enterprises and increase mineral value addition offered important lessons for other African countries.
GoldBod Exceeds Monthly Foreign Exchange Target
GoldBod’s reported September performance provides a practical illustration of the foreign exchange contribution highlighted by the AU commissioner.
The board generated US$1.871 billion from its ASM gold trading operations during the month, exceeding its US$1.4 billion target by US$471 million, representing approximately 33.6 per cent above the target.
In an announcement issued on Wednesday, September 30, GoldBod said the foreign exchange generated had been channelled through authorised commercial banks and the Bank of Ghana to support stability in the foreign exchange market and strengthen the country’s international reserves.
The arrangement is intended to ensure that foreign exchange earnings from small-scale gold exports enter the formal financial system, helping improve the availability of foreign currency for the economy.
GoldBod’s performance also highlights the potential contribution of artisanal and small-scale mining to Ghana’s foreign exchange position when gold trading is organised through formal channels.
Ghana’s Mineral Reforms Attract Continental Interest
Ms Belobe’s remarks place Ghana’s GoldBod initiative within a broader African debate about how mineral-rich countries can retain more economic value from their natural resources.
Despite possessing substantial mineral deposits, many African countries continue to face challenges in converting resource wealth into sustainable economic growth, partly because of limited domestic processing, weak local participation and difficulties retaining the proceeds from mineral exports.
The AU commissioner argued that reforms should go beyond extracting and exporting minerals to include stronger domestic enterprises, local content development and value addition.
Ghana’s GoldBod initiative, she said, offers an example of how mineral sector policies can be linked to national economic priorities.
Her comments also signal the potential for other African countries to examine similar approaches as they seek to improve foreign exchange management and strengthen their economic resilience.
Focus Shifts to Sustainable Economic Benefits
While GoldBod’s September foreign exchange performance exceeded its target, the broader significance of the initiative will depend on its sustained contribution to reserve accumulation, currency stability and the domestic economy.
The AU’s endorsement places additional attention on Ghana’s experience as African countries explore ways to improve the economic returns from their mineral resources.
For Ghana, the challenge will be to sustain foreign exchange inflows from gold trading while ensuring that mineral sector reforms deliver lasting benefits through stronger domestic participation, increased value addition and improved economic resilience.
The reported US$1.871 billion generated in September, alongside the AU’s recognition of GoldBod, has strengthened the case for treating mineral resource management as an integral part of national economic policy rather than solely as an extractive industry activity.
