Finance Minister, Dr. Cassiel Ato Forson, Ph.D., has officially inaugurated a Technical Committee tasked with developing the legal and operational framework for the establishment of the Ghana Gold Board (GoldBod).
The Board, which is a flagship initiative by President John Dramani Mahama, is aimed at strengthening the nation’s economic infrastructure by leveraging its gold resources more effectively.
Addressing members of the press at the Ministry of Finance, Dr. Forson explained that the GoldBod would play a crucial role in stabilizing Ghana’s currency and enhancing the management of the country’s substantial gold reserves.
As Africa’s leading gold producer, Ghana generates significant foreign exchange from gold exports, yet much of its potential has remained untapped due to inefficiencies in the sector.
“We must aspire to maximize the full benefits of our gold resources,” Dr. Forson stated. “This involves optimizing every stage of the value chain—from extraction to refining, value addition, and marketing, both locally and internationally.”
The primary goal of the Ghana Gold Board will be to formalize and regulate the gold trading sector, particularly in the small-scale mining industry, which has long been plagued by chaos, smuggling, and an uncoordinated system.
Currently, multiple entities including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and various private actors are involved in gold purchases and exports, contributing to a fragmented and inefficient market.
Through the establishment of the GoldBod, the government aims to centralize and streamline the sector.
The Board will act as the sole buyer of gold from legal small-scale miners, purchase gold from licensed aggregators, and become the exclusive seller and exporter of this gold.
Dr. Forson emphasized that the GoldBod will also work toward improving traceability and ensuring that Ghanaian gold meets international standards, such as the London Bullion Market Association (LBMA) certification.
“We must ensure 100% repatriation of foreign exchange from the export of gold from small-scale mining to support our national currency,” he explained.
The GoldBod is expected to reduce the rampant smuggling of gold, which, according to research, costs Ghana nearly double the official export figures in lost foreign exchange.
This intervention is expected to not only stabilize the local currency, the Cedi, but also optimize the nation’s foreign exchange accumulation.
The Technical Committee, comprised of experts from key institutions, has been entrusted with drafting the necessary Bill for the establishment of the GoldBod and developing its operational guidelines.
The committee includes representatives from the PMMC, Bank of Ghana, Minerals Commission, and other relevant organizations.
Dr. Forson urged the committee to work diligently to fast-track the realization of this initiative, which remains a top priority for President Mahama.
He also called on industry players and stakeholders to lend their full support to the initiative.
The committee’s membership includes notable figures such as Sammy Gyamfi Esq., Acting Managing Director of PMMC, Dr. Johnson Asiamah, former Deputy Governor of the Bank of Ghana, Dr. Tony Aubyn, former CEO of the Minerals Commission, and several others with expertise in gold trading, mining, finance, and law.
As Ghana continues to explore ways to enhance its economic stability, the establishment of the GoldBod stands as a pivotal step toward maximizing the nation’s gold wealth and ensuring sustainable growth for the future.
