In a significant move towards economic revitalization, 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 is envisioned by President John Dramani Mahama as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost. Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes, with the Ghanaian economy not realizing the full benefit of its gold resources.
The Ghana Gold Board aims to change this by optimizing every stage of the gold value chain, from extraction to refining, value addition, and marketing, both locally and internationally. The GoldBod will serve as a specialized agency for effective marketing of Ghana’s gold resources, implementing a deliberate program to formalize gold trading from the small-scale mining industry and promote traceability.
Key Objectives of the Ghana Gold Board
– Formalize the trading of gold from the small-scale mining sector
– Promote traceability and pursue London Bullion Market Association (LBMA) certification
– Act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders
– Ensure 100% repatriation of forex from the export of gold from the small-scale mining industry to support Ghana’s national currency
The Technical Committee, comprising experts from relevant institutions, has been tasked with drafting a Bill and developing the operational framework for the GoldBod. The committee’s membership includes representatives from the Precious Minerals Marketing Company (PMMC), Minerals Commission, Bank of Ghana, and other key stakeholders.
With the establishment of the Ghana Gold Board, Ghana is taking a critical step towards economic revitalization and currency stability. The GoldBod is expected to help improve Ghana’s foreign exchange accumulation, stabilize the Cedi, and maximize the benefits of the country’s gold resources.
