Business

Ghana Gold Board Committee Inaugurated

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In a bid to maximize the economic potential of Ghana’s gold resources, Finance Minister Dr. Cassiel Ato Forson has inaugurated a Technical Committee tasked with drafting the legal and operational framework for the establishment of the Ghana Gold Board (GoldBod). The inauguration, held at the Ministry of Finance on January 27, 2025, marks a significant step toward revitalizing Ghana’s economy and ensuring currency stability.

The GoldBod is a flagship initiative of President John Dramani Mahama, designed to formalize gold trading, streamline operations in the small-scale mining sector, and enhance the traceability and international acceptability of Ghana’s gold.

Addressing Challenges in Ghana’s Gold Sector
Dr. Forson emphasized the challenges posed by the fragmented and unregulated nature of gold purchasing in Ghana, which has led to widespread smuggling and significant foreign exchange losses. He noted that while Ghana exported nearly $5 billion in gold from legal small-scale mining in 2024, research indicates that the value of gold smuggled out of the country is nearly double this figure.

The GoldBod will act as the sole buyer of gold from the small-scale mining sector, with exclusive rights to assay, sell, and export gold. It will also implement robust monitoring and compliance measures to curtail black-market activities.

A Multi-Stakeholder Approach
The Technical Committee includes experts from key institutions such as the Precious Minerals Marketing Company (PMMC), the Minerals Commission, the Bank of Ghana, and the Minerals Income Investment Fund (MIIF). Members include:

Sammy Gyamfi Esq., Acting Managing Director, PMMC

Marrietta Agyeiwaa Brew, Legal Counsel to the President

Dr. Abdul Baasit Aziz Bamba, Legal Practitioner

Dr. Tony Aubyn, Former CEO, Minerals Commission

Martin Kwaku Ayisi, CEO, Minerals Commission

Representatives from the Ministry of Finance and the Attorney-General’s Office

The committee is expected to draft a comprehensive Bill and operational framework that will formalize the trading of gold, promote traceability, and position Ghana for London Bullion Market Association (LBMA) certification.

Economic Revitalization Through Gold
The establishment of the GoldBod is anticipated to address inefficiencies in Ghana’s gold sector, improve foreign exchange accumulation, and stabilize the Cedi. Dr. Forson urged the committee to work diligently to fast-track this initiative and called on stakeholders to support the effort.

The Government of Ghana has pledged a revolving fund to purchase all gold from the small-scale mining sector, ensuring full repatriation of foreign exchange from gold exports. This initiative is a critical tool for economic revitalization and aligns with Ghana’s broader vision for sustainable development.

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