"Partnerships, gold reforms drive Ghana’s economic gains" – GoldBod Deputy CEO

Ghana’s recent gains in gold revenue, foreign exchange generation, and economic stability are the result of deliberate reforms, strategic partnerships, and a renewed focus on value addition, according to Richard Nunekpeku, Deputy Chief Executive Officer of the Ghana Gold Board (GoldBod).

Speaking during a panel discussion on “Mining, Minerals and Strategic Resources” at the Africa Trade Summit 2026, held at the Kempinski Gold Coast Hotel in Accra, Mr. Nunekpeku said effective partnerships must be built on a clear understanding of national needs and capacity, rather than convenience or similarity.

“At some point, partnerships can significantly support top-performing countries,” he noted.

“But partnerships only work when they are designed to complement existing capacities. Too often, we enter partnerships without fully understanding our needs, and we end up with partners who offer the same capabilities we already have.”

He stressed that Ghana’s approach to gold sector reform reflects lessons drawn from global best practices, particularly in natural resource management and revenue mobilization.

Citing a visit to Qatar’s centralized gold market model in November, Mr. Nunekpeku said Ghana has adopted a similar structure to ensure that gold is sold through a regulated and transparent system that maximizes value for the state.

“That centralized approach allows the sector to grow while ensuring proper revenue generation and national oversight,” he explained.

Mr. Nunekpeku revealed that in 2025, Ghana exported over 100 tonnes of small-scale gold, generating more than US$10 billion in revenue, an achievement he described as unprecedented.

According to him, the impact of this performance is being felt across the economy, including improved foreign reserves, a stronger debt position, and relative stability in the cost of living.

“These results are unprecedented. Improved reserves, a stronger debt position, and relative stability in the cost of living are all linked to this performance,” he said.

He emphasized that GoldBod’s mandate goes beyond figures and export volumes.

“GoldBod is not a numbers-focused institution,” Mr. Nunekpeku said.

“We look at how the numbers connect to value addition, sustainability, and national development.”

As part of that strategy, he announced that GoldBod has signed a historic agreement with a local refinery to refine small-scale gold domestically before export—a move expected to retain millions of dollars in refining charges, create jobs, and reduce long-standing losses associated with offshore refining.

“Local refining means retaining value here at home, creating employment, and strengthening our industrial base,” he stated.

Beyond refining, Mr. Nunekpeku said GoldBod is investing in downstream activities, including jewelry manufacturing through GoldBod Jewellery, to further expand local value chains.

He also highlighted the importance of small-scale miners in achieving sustainability and traceability in the sector, noting that GoldBod works closely with miners’ associations to formalize operations and promote responsible mining practices.

“Responsible mining is not just about outcomes, but about how mining is done. That principle guides everything we do at GoldBod,” he said.

Mr. Nunekpeku concluded by reiterating GoldBod’s role as a key economic institution, mandated to support foreign exchange generation and gold reserve accumulation, with a long-term national focus.

“Our goal is simple,” he said. “To ensure that Ghana derives maximum and lasting value from its gold resources for the benefit of its people.”

Story by: Joshua Kwabena Smith