Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced the formation of a Technical Committee tasked with drafting a legal framework for the establishment of the Ghana Gold Board (GoldBod). The new agency will focus on managing and marketing gold resources from the small-scale mining sector, aiming to formalize and regulate an industry that has long been plagued by inefficiencies and lack of oversight.
Speaking at a meeting with the management of the Precious Minerals Marketing Company (PMMC) on January 27, 2025, Dr. Forson emphasized the critical need to streamline the country’s gold sector to unlock its full economic potential. The establishment of the GoldBod, which is championed by President John Dramani Mahama, is seen as a key step in addressing challenges such as gold smuggling, fragmented gold purchasing systems, and limited foreign exchange accumulation.
Unlike the existing system, which involves multiple players—including PMMC, the Bank of Ghana, and various private aggregators—the GoldBod will be the sole purchaser of gold from licensed aggregators and traders. This centralized approach is expected to ensure traceability, improve compliance with international standards, and promote value addition throughout the gold supply chain, from extraction to refining and marketing.
Dr. Forson also expressed concerns over the current disorganized state of the gold purchasing sector, noting the lack of cohesion among the numerous stakeholders. He stressed that the GoldBod would address these inefficiencies, making the gold sector more transparent and profitable for the country.
The committee, comprising experts from the PMMC, the Minerals Commission, the Bank of Ghana, and the Ministry of Finance, will work on drafting the legal framework and making necessary amendments to existing laws governing gold exports. Its goal is to create an environment conducive to the successful operation of the GoldBod and to enhance the overall governance of the sector.
Dr. Forson urged the committee to adhere to strict timelines for completing the draft framework, which is expected to play a crucial role in stabilizing Ghana’s national currency and boosting foreign exchange reserves. The government has committed to providing the necessary funding to purchase all gold from the small-scale mining sector, creating a transparent and stable system to facilitate national development.
The launch of the GoldBod is poised to have a significant impact on Ghana’s gold sector, improving the country’s economic outlook while increasing the formalization of an industry that has long been dominated by informal practices.
The Committee is made up of the following members:
Source:TheDotNews