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The Ghana Gold Board (GoldBod) has intensified efforts to strengthen transparency, accountability and fairness in the country’s gold trading sector through a strategic engagement with licensed gold traders operating within Ghana’s Artisanal and Small-Scale Mining (ASM) industry.
The engagement forms part of GoldBod’s broader reform agenda aimed at aligning Ghana’s gold trading ecosystem with internationally recognized standards while safeguarding the interests of miners, traders and the national economy.
Officials of GoldBod emphasized the importance of adopting globally accepted trading principles to enhance confidence in Ghana’s gold market and improve the country’s competitiveness within the international gold industry.
A key outcome of the engagement was the decision to implement the London Bullion Market Association (LBMA) pricing formula and approved trading window for all gold transactions undertaken by licensed traders.
According to GoldBod, the adoption of the LBMA pricing mechanism will ensure that gold prices are determined through a transparent and internationally recognized system, thereby promoting fairness and reducing pricing disparities across the sector.
The Board further announced that all gold purchases and sales would be required to be recorded and booked within the approved LBMA pricing window. This measure is expected to improve accountability, enhance record-keeping and strengthen investor and market confidence in Ghana’s gold trade.
Industry stakeholders who participated in the engagement welcomed the initiative, describing it as a significant step toward modernizing Ghana’s ASM gold sector and ensuring that local miners receive fair value for their products.
GoldBod noted that the reforms would also contribute to curbing irregular trading practices, increasing traceability within the gold value chain and maximizing national benefits from the country’s mineral resources.
The Board reiterated its commitment to building a responsible and sustainable ASM sector that promotes ethical trading practices, protects Ghanaian miners and creates a more attractive environment for domestic and international investors.
“As Ghana continues to position itself as a leading gold-producing nation, the adoption of international standards and transparent trading systems remains critical to unlocking greater value from the country’s gold resources,” GoldBod stated.
The initiative is expected to strengthen Ghana’s reputation in global gold markets while supporting government efforts to formalize and transform the artisanal and small-scale mining industry into a key driver of economic growth and foreign exchange earnings.
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