The Chairman of the Chamber of Bullion Traders, Ghana, Kwaku Effah Asuahene, is rallying support for the establishment of the Ghana Gold Board (GoldBod), a move aimed at transforming Ghana’s gold sector and maximizing its economic potential.
The role of the Board, according to Mr. Asuahene, is not novel, having been previously implemented by the Precious Minerals Marketing Company (PMMC) in the 1990s.
He believes this approach would be more beneficial to the nation, contrary to the assertions of critics.
“I remember in the 1990s when I was at PMMC, we were buying all the gold. So what the GoldBod will be doing is not anything new,” says Mr. Asuahene.
Speaking at a stakeholder engagement by the GoldBod Technical Committee at Tarkwa in the Western region Friday, March 14, 2025, Mr. Asuahene indicated that the commitment of the government to the sector is huge, expressing his optimism over the benefits of the GoldBod.
“…so, those saying the GoldBod will collapse businesses of some traders, it is not true, it is rather going to empower them because the amount the government has earmarked for the purchases is huge,” he noted.
According to him, the soon-to-be-established GoldBod will deal with the taking over of foreigners in the gold business which is denying the country the needed foreign exchange for its gold.
He reveals that despite the numerous gold export companies in the country, a chunk of them belong to outsiders, some of whom use illegal means to siphon the state’s minerals at the expense country’s interest.
“The most interesting part is that, foreigners have taken over the gold business. We have 61 gold export companies in the country and about 60 -70 per cent are foreigners who purchase our gold through both legal and illegal means.
“What will really help us is that we’ll be able to track every gold that leaves the shores of the country and the corresponding income. So this will really help us,” he reemphasised.
GoldBod technical committee takes stakeholder engagement to Tarkwa in Western region
