Mahama attributes cedi stability to reforms in gold trading sector

President John Mahama has credited recent gains in economic stability, particularly the strengthening of the cedi, to reforms introduced in the country’s gold trading sector as part of his administration’s reset agenda.

Speaking at a meeting with the Council of State at the Jubilee House on Monday, July 7, the President highlighted the strategic role the newly established Gold Board has played in streamlining the country’s gold export industry.

According to President Mahama, before the reforms, Ghana was losing significant value from its gold exports, receiving only about half of what it was due.

“We had left a free-for-all in the gold trading industry, and this country was hardly benefiting. In times past, we received only 50% of what we should get from our gold exports,” he said.

He explained that the introduction of the Gold Board and accompanying legal measures, making it illegal for unauthorised persons to buy and export gold, have significantly improved returns from the sector.

“Today, happily, the returns on gold exports have more than doubled. And that is responsible for part of the stability we’re seeing in the currency,” the President noted.

President Mahama added that these improvements have led to stronger foreign exchange inflows into the Bank of Ghana and boosted the country’s reserves.

“We currently have about six months of import cover—one of the highest in the last [few years],” he stated.

The President’s remarks come amid broader economic reforms under his government’s “reset agenda,” which aims to stabilise Ghana’s economy, tackle corruption, and restore investor confidence.

In addition to domestic achievements, President Mahama also spoke about his upcoming engagements on the international stage.

He said Ghana is expected to present a report on reparations at the African Union summit in Malibu, where the country currently plays a leading advocacy role.

“Ghana is a champion on reparations. And so I’ll be presenting a report on the advocacy for reparations,” he told the Council.

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