Ghana Gold Board chief executive Sammy Gyamfi issued a passionate call for African leaders to harness the continent’s mineral wealth for economic independence rather than perpetuating extraction-based development models.
“Africa holds 30% of the world’s known mineral reserves,” Gyamfi declared at the Mining and Minerals Convention in Accra. “Yet hunger, poverty, and underdevelopment persist. Why? Because we have failed to leverage our natural resources for our prosperity.”
The remarks came as Gyamfi outlined plans for domestic gold refining starting October 2025, marking a shift from raw material exports toward value-added production that keeps more economic benefits within African economies.
Gyamfi stressed the urgency of moving beyond traditional mining approaches that have dominated the continent for decades. He called for fundamental changes in how African nations approach their natural resource sectors.
“We cannot solve today’s crisis with yesterday’s tools,” he emphasized. “The minerals and mining sector must move from raw exports to in-continent beneficiation, from rent-seeking middlemen to tech-enabled trade, and from youth as labourers to youth as innovators, financiers, and owners.”
The Ghana Gold Board leader challenged African governments to establish new financing structures that unlock capital for responsible mining and value addition initiatives. He emphasized the critical need for collaboration between private sector players, investors, and policymakers to achieve meaningful transformation.
His vision includes a $1 billion investment plan through partnerships with international firms, demonstrating how African countries can attract foreign capital while maintaining local ownership and control over mineral resources.
“Let African minerals build African futures. Let our natural revenues fuel innovation, not corruption. Let our youth lead global trade, not just participate,” Gyamfi urged delegates at the conference.
GoldBod has begun purchasing 20 percent of output from seven large-scale mining companies, with the Bank of Ghana acquiring nearly 100 kilograms to strengthen national reserves. The gold purchases support efforts to build foreign currency buffers and strengthen the cedi.
Foreign exchange accumulation from gold exports has significantly strengthened Ghana’s reserves, improved the country’s balance of payments, and provided critical support to the Ghanaian cedi currency, according to Gyamfi.
The Gold Board will donate five Toyota Hilux pickups and GHS5 million next week to support the National Anti-Illegal Mining Operations Secretariat. The organization has also allocated funds to reclaim 1,000 hectares of devastated forest reserves starting in November.
“Ghana is resetting and Africa is rising,” Gyamfi concluded. “The GoldBod is ready. All we need now is courage and capital.”
Source: newsghana.com.gh
