President John Dramani Mahama has reiterated the urgent need for African nations to assert full control over their natural resources in order to unlock the continent’s true economic potential. Speaking as the Guest of Honour at the 3rd African Association of Accountants General Conference, held at the Accra International Conference Centre, the President stressed that Africa’s long-term development depends on strengthening sovereignty over resource extraction and ensuring greater value addition within the continent.
Addressing an audience of more than 2,000 public finance professionals, innovators, and experts in digital governance and artificial intelligence, President Mahama highlighted the establishment of the Ghana Gold Board (GoldBod) as a transformative policy decision. According to him, the creation of the Board marked a turning point in correcting long-standing discrepancies between gold production figures reported in Ghana and those declared in overseas markets.
“When my government assumed office, we noticed a worrying disparity,” he explained. “The amount of gold a mining company claimed to have exported from Ghana did not match the volumes recorded when the same company sent its gold to Canada. That inconsistency raised serious concerns about leakages in the system.”
In response, his administration introduced strict regulations, making it illegal to export gold without the involvement of the GoldBod and imposing severe penalties for violations. This decisive intervention, he said, immediately transformed the sector. “The foreign exchange inflows from gold exports increased dramatically. It was unbelievable. This alone demonstrates what can happen when a country takes firm control of its natural resources.”
President Mahama used the occasion to call on other African nations to learn from Ghana’s experience and to take bold steps to ensure that resource extraction translates into tangible national development. He emphasized that ownership and value addition—from minerals and hydrocarbons to agricultural produce—remain the most reliable pathways to sustainable growth.
