The Minister of Finance, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee tasked with developing a legal framework to establish the Ghana Gold Board (GoldBod).
The board, a flagship initiative of President John Dramani Mahama, is expected to drive economic revitalization by optimizing the management and benefits of Ghana's gold resources.
Addressing the media during the inauguration, Dr. Forson emphasized the critical role the GoldBod will play in stabilizing Ghana's currency and ensuring the nation fully benefits from its status as Africa’s leading gold producer.
Despite earning substantial foreign exchange from gold, the Finance Minister noted that Ghana’s reliance on traditional revenue sources such as royalties and taxes has limited the overall impact of the gold sector on the economy.
“The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold,” Dr. Forson stated.
"This involves optimizing every stage—from extraction to refining, value addition, and marketing, both locally and internationally.”
The Finance Minister highlighted the fragmented and unregulated nature of Ghana’s gold purchasing sector as a major obstacle.
Currently, entities such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and individual license holders participate in gold buying and export activities.
However, this lack of coordination has facilitated widespread smuggling and deprived the state of much-needed foreign exchange earnings.
The GoldBod is designed to address these challenges by serving as the sole buyer of gold from the small-scale mining sector through licensed aggregators and local traders.
It will also have exclusive rights as the sole assayer, seller, and exporter of gold purchased from these miners.
Once operational, the GoldBod will implement measures to formalize gold trading in the small-scale mining industry, enhance traceability, and ensure compliance with international standards.
This is expected to boost the global acceptability of Ghanaian gold and ensure the full repatriation of foreign exchange earnings from gold exports.
The enabling legislation, which the Technical Committee has been tasked to draft, will define the board's mandates, amend relevant regulations, and establish a robust monitoring framework to curb black-market activities.
Dr. Forson assured stakeholders that the GoldBod will complement the regulatory role of the Minerals Commission rather than replace it.
“The establishment of the Ghana Gold Board marks a significant step towards leveraging our gold resources for economic stability and growth,” Dr. Forson added.
"With strong monitoring and compliance measures, we can transform our gold industry into a strategic asset that supports national development.”
The GoldBod initiative aligns with broader government efforts to improve revenue generation, strengthen the cedi, and position Ghana as a leader in value-added gold production on the global stage.
The Technical Committee’s recommendations and draft bill are expected to be finalized and presented to Parliament in the coming months.
Story by: Joshua Kwabena Smith
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