Finance Minister Sets Stage for Ghana’s Gold Revolution with Establishment of Ghana Gold Board

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee to draft a legal framework for the establishment of the Ghana Gold Board (GoldBod). The GoldBod will serve as a specialized agency responsible for managing and marketing gold resources from the small-scale mining sector.

According to Dr. Forson, the establishment of the committee underscores the pressing need to formalize and regulate the small-scale gold mining sector to maximize the country’s economic gains.

The GoldBod, championed by President John Dramani Mahama, aims to revitalize the economy by addressing challenges such as gold smuggling, fragmented gold purchasing systems, and limited foreign exchange accumulation. Unlike the current system, the GoldBod will act as the sole buyer of gold from licensed aggregators and traders, ensuring traceability and compliance with international standards

Additionally, the agency will promote value addition across the gold value chain, from extraction and refining to marketing on both local and international platforms.

Dr. Forson expressed concern over the chaos in the current gold purchasing sector, which includes multiple stakeholders such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and private aggregators. To address this, the Technical Committee will comprise seasoned experts from various institutions, including the PMMC, Minerals Commission, Bank of Ghana, and the Ministry of Finance. The committee will draft a comprehensive and robust legal framework, amend relevant laws to streamline gold exports, and create a conducive environment for the GoldBod’s operations.

Dr. Forson urged the committee members to work diligently and adhere to the timelines set for the completion of their mandate, adding that the establishment of the Ghana Gold Board, Ghana stands to benefit significantly from its gold resources, particularly by stabilizing the national currency and increasing foreign exchange reserves.

Dr. Forson called on all stakeholders in the mining sector to support this transformative initiative, which represents a critical step towards harnessing the full economic potential of Ghana’s gold. The government has committed to providing the necessary funding to purchase all gold from the small-scale sector, ensuring a stable and transparent system that will drive national development.

Story by Lawrence Odoom/Phalonzy