No more Dubai trips for jewellery as Ghana will establish a gold village – Mahama tells traders
He explained that the gold village will serve as a manufacturing hub for gold jewellery and ornament production, positioning Ghana as a continental leader in value addition.
Speaking at the inauguration of the GoldBod Task Force in Accra on July 8, 2025, President Mahama stated that traders will no longer need to travel to Dubai to purchase gold jewellery, as these products will soon be available locally.
He said; “I have tasked the gold board to establish what we call a gold village. This will be a manufacturing hub for gold jewellery and ornament production in Ghana, positioning our country as a continental leader in value addition.”
“And so when we establish the gold village, our women no longer need to go to Dubai to go and buy jewellery. You buy the jewellery here and you can rather export it to wherever you want to export it,” President Mahama added.
Parliament passed the Ghana Gold Board Bill, 2025, into law on Friday, March 28, 2025.
Under the new law, the Ghana Gold Board is responsible for overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
The law designates GoldBod as the sole exporter of gold from Ghana’s small-scale mining sector, effectively prohibiting licensed traders and bullion dealers from exporting gold directly.
As part of efforts to revitalise the local economy, President John Dramani Mahama initiated the establishment of the Ghana Gold Board, which operates under the Ministry of Finance.
Clause 68(1) of the Goldbod Bill stipulates that no person shall without lawful authority, hoard gold without a license or authorisation issued by the Gold Board.
This clause is intended to prevent situations where licensed agents, funded to purchase gold for Goldbod, hoard the commodity, leading to scarcity, unfair competition, or price manipulation, among other issues.
Direct buying and selling of gold on the market is prohibited under the Ghana Goldbod Act. However, foreigners may apply to Goldbod to purchase gold from Ghana through the organisation.
Foreigners are also permitted to act as off-takers.
Foreigners should buy gold through GoldBod, which will then export the gold to their country or a location of their choice.
