The Finance Minister, Dr. Cassiel Ato Baah Forson, has outlined the benefits Ghana will be deriving from the establishment of a Board to market Ghana’s gold, known as GoldBod.
He has explained that aside from serving as “a specialized agency for effective marketing of our gold resources, the Ghana Gold Board will be mandated to regulate and streamline the sector.”
“It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders” he stated further, adding that the GoldBod will posses the “exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.”
Dr. Ato Forson also stated that the GoldBod will institute monitoring and compliance measures to help deal with the black-market and smuggling of the mineral.
He also clarified that the GoldBod’s role will not conflict that of the Minerals Commission but will rather add up to it.
“It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector. Instead, it will complement its role,” the Ejumako Enyan Essiam MP pointed out.
The government, he disclosed, will provide enough money for the Board to purchase all gold produced by small-scale miners after it has been formalised and also “promote traceability and pursue London Bullion Market Association (LBMA) certification.”
This, he stated further, will help in “streamlining the small-scale mining sector, curbing smuggling, and directing gold purchases through formal channels will help Ghana improve its foreign exchange accumulation and help stabilize the Cedi.”
“The establishment of the Ghana Gold Board is a critical tool for economic revitalization and currency stability,” he remarked.
The Finance Minister was speaking at the inauguration of a technical committee set to draft a legal framework for the establishment of the Ghana Gold Board Monday, January 27, 2025, when he made the comments.