Former Majority Leader, Osei Kyei-Mensah-Bonsu, has lauded the government’s decision to establish a Board to regulate gold purchases in the country.
He says the initiative, if properly implemented, will boost the nation’s financial prowess through the exchange rate by stabilising the local currency.
President John Dramani Mahama, in the National Democratic Congress’ (NDC) 2024 Manifesto promised the formation of the Ghana Gold Board (GoldBod) to regulate the purchasing of gold in the country, specifically from the small-scale sector.
Acting Chief Executive Officer (CEO) of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has been tasked to lead a technical committee for the formation of the Board.
The committee is to draft a legal framework for the Board’s formation where it has been engaging in consultative stakeholder meetings to educate industry players, and also solicit their ideas for the establishment of the GoldBod.
The GoldBod, according to industry players, will also help prevent the smuggling of the mineral from the country by foreigners who don’t pay taxes to the government to that effect.
Speaking at a public dialogue on the 2025 National Budget organised by the Kumasi Bloc Members of Parliament, the former legislator for Suame indicated that the GoldBod, if properly implemented, will be of help to the nation.
“That GoldBod they have proposed, honestly, if they do it well, it well help. It’s a good intent that they’ve expressed,” said the former Majority Leader and Minister of Parliamentary Affairs.
The Kumasi Dialogue by the parliamentarians was themed: “Assessing the 2025 Budget: Implications for Kumasi’s Development and the way forward.”
The former lawmaker in his speech also touched on some thematic areas of the budget where he questioned the legality of the allowances the government has planned to pay to Assembly members.
“If the President says He is giving the assembly members allowances, where is it going to come from? It is going to come out of the public funds, especially the consolidated fund, but the constitution doesn’t allow that”, said Kyei-Mensah-Bonsu.
“The Finance Minister and Local Government Minister say the amount will be an allowance, that is laughable because the constitution defines emoluments to include allowances,” he added.
PMMC Acting CEO meets stakeholders in financial sector over operational framework of GoldBod
