Finance and Economic Policy Analyst Senyo Hosi has expressed optimism about the potential success of the Ghana Gold Board (GOLDBOD), provided that robust governance and accountability structures are effectively implemented.
In his article titled "OUR GOLD AND THE GOLDBOD," released on March 15, 2025, Hosi emphasized that with competent governance, GOLDBOD can avoid pitfalls experienced by other institutions.
The Ghana Gold Board is a government-owned entity established to oversee and promote Ghana's gold industry.
Its primary mission is to ensure that the gold sector operates efficiently, sustainably, and in harmony with national development objectives, thereby driving economic advancement.
As a key regulator, GOLDBOD aims to optimize the responsible utilization of Ghana's gold resources while fostering growth and stability within the industry.
Hosi highlighted the opportunities GOLDBOD presents for quality assurance and the unique branding of Ghana's gold in the international market.
He underscored the importance of a robust regulatory and operational framework that aligns with existing structures to ensure market adaptability.
According to Hosi, maintaining commercial integrity will be central to GOLDBOD's success.
He noted that current trade practices involve discounts ranging from 5% to 15%, depending on pre-finance terms.
If GOLDBOD operates within similar market provisions and absorbs the 1.5% gold export tax, it could position itself as a valuable commercial partner for small-scale miners and aggregators, rather than functioning as a government monopoly.
Furthermore, Hosi emphasized the need for GOLDBOD to leverage its influence to make gold smuggling not only illegal but also unattractive.
Drawing an analogy to the sweetness of the African Star Apple, known locally as "Alasa," he remarked, "The sweetness is in the sucking. We should focus efforts on how the GOLDBOD is structured to win, for it fills a begging gap."
Stakeholders in Ghana's gold trading sector have also endorsed the establishment of GOLDBOD, describing it as a "game changer" that could transform the industry and strengthen the country's economy.
At a forum organized by the Precious Minerals Marketing Company (PMMC) in Tarkwa on March 14, 2025, participants expressed optimism that GOLDBOD would enhance foreign exchange earnings, stabilize the cedi, and boost Ghana's gold reserves.
They, however, cautioned the government to ensure fair representation of industry players on GOLDBOD's governing board and called for the inclusion of traditional leaders and academics to enhance transparency and accountability.
Senyo Hosi's insights and the support from industry stakeholders highlight the critical importance of implementing strong governance, transparency, and accountability measures to ensure the success of the Ghana Gold Board in revitalizing the nation's gold industry.
Story by: Joshua Kwabena Smith
Comments