The government has inaugurated a Technical Committee to establish the Ghana Gold Board (GoldBod), a revolutionary institution designed to harness the country’s vast gold resources and maximize their economic benefits.
Finance Minister Dr. Cassiel Ato Forson, who inaugurated the committee, emphasized the urgent need for reforms in Ghana’s gold sector, which has been plagued by smuggling, corruption, and inefficiencies. “The time has come for Ghana to take control of its gold resources and use them to drive economic growth and development,” Dr. Forson declared.
The initiative, described as a “flagship initiative” by President John Dramani Mahama, aims to harness Ghana’s gold resources more effectively and maximize the entire value chain of gold.
Speaking at the inauguration ceremony, Dr. Forson emphasized the need for reform, citing the disorganized nature of Ghana’s gold purchasing system, which has led to widespread smuggling and significant foreign exchange losses.
He also revealed that Research indicates that “in 2024 alone, Ghana exported nearly $5 billion in gold from legal small-scale mining, while the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure”.
The GoldBod, once established, will serve as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders. Its key mandates include formalizing the gold sector, promoting traceability, and securing international certification. The GoldBod will also regulate and streamline the sector, ensuring strong monitoring and compliance measures to curtail black-market and smuggling of gold.
Dr. Forson outlined the critical role the GoldBod will play in formalizing the gold sector, promoting traceability, and securing international certification.
“The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association (LBMA) certification,” he said.
He then added, “The Ghana Gold Board will be mandated to regulate and streamline the sector. It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders. Upon its establishment, the GoldBod will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.”
Dr. Forson assured that the initiative would complement, not replace, the regulatory role of the Minerals Commission.
“It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector. Instead, it will complement its role,” he clarified.
The members of the committee include
- Sammy Gyamfi Esq. – Acting Managing Director, PMMC
- Marietta Agyeiwaa Brew – Legal Counsel to the President
- Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
- Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
- Dr. Tony Aubyn – Former CEO, Minerals Commission
- Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
- Martin Kwaku Ayisi – CEO, Minerals Commission
- Joseph Iroko – Legal, Minerals Commission
- Eric Bukari – Manager, Small-Scale Mining, Minerals Commission
- Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
- Kwabena Agyemang Barning – Chief Technical Officer, MIIF
- Ernest Asiedu Odami – Director, Corporate Planning, PMMC
- Sharon Quaye – Head of Business Development, PMMC
- Mohammed Abubakar – Director of Finance, PMMC
- Bernard Samuel Nnan – Head of Field Operations, PMMC
- Richard Kofi Afenu Esq. – Geologist, Mineral Economist, and Private Legal Practitioner
- Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
- Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
- Roger Kwakye – Gold Trading Consultant,
- Also, a Representatives from the Ministry of Finance and the Office of the Attorney-General
Dr. Forson urged the committee to work efficiently, stressing the urgency of the initiative. “The establishment of the Ghana Gold Board is not just an initiative; it is a critical tool for economic revitalization and currency stability. Let us work together to make this vision a reality,” he said.
The initiative is seen as a cornerstone of Ghana’s broader economic transformation agenda under President Mahama’s leadership.
“The Ghana Gold Board remains a top priority for His Excellency President John Dramani Mahama. I urge the committee to work diligently and efficiently to fast-track the realization of this noble objective,” Dr. Forson emphasized.
Source: www.kumasimail.com /Kwadwo Owusu
