By: NANA KWASI ROKA Accra — March 29, 2025
Ghana’s Parliament has passed the historic Ghana Gold Board (GOLDBOD) Bill, 2025, after it was read for the third time on the floor of the House yesterday.
The bill now awaits presidential assent from His Excellency President John Dramani Mahama, paving the way for the establishment of a powerful new institution set to revolutionize the country’s gold sector.
Once signed into law, the Ghana Gold Board (GOLDBOD) will become the central body responsible for overseeing, monitoring, purchasing, trading, assaying, refining and exporting gold produced in the country. The move fulfills a major campaign promise of the ruling National Democratic Congress (NDC), and signals a bold new direction in how Ghana manages and benefits from its most valuable natural resource.
Kudos have been pouring in for lawyer Sammy Gyamfi and his legal team for their instrumental role in crafting and advancing the bill through Parliament.
Game-Changer for Ghana’s Gold Industry
Ghana remains Africa’s leading gold exporter, having recorded approximately $11.5 billion in gold exports in 2024 alone. However, experts argue the country has not fully reaped the benefits of its mineral wealth. The GOLDBOD Bill aims to change that by empowering a single body to control gold transactions, enhance value addition and improve foreign exchange generation.
The new law will require small-scale miners to sell their gold to the Gold Board or its designated buyers, while all gold exports – especially from the small-scale sector – must be assayed and channeled through GOLDBOD. Unauthorized hoarding of gold will also be prohibited.
Strong Governance and Oversight
A thirteen-member Board of Directors, including key stakeholders from government ministries, the Bank of Ghana and industry players, will govern GOLDBOD. The Board will ensure strategic direction, enforce international standards and promote environmentally responsible mining practices.
The bill also mandates GOLDBOD to assist small-scale miners with technical and financial support, including concessional loans, modern mining equipment and sustainable practices.
Financial Powerhouse
GOLDBOD will be financed through parliamentary allocations, market funding, off-takers, administrative charges and development grants. It will have the power to borrow, invest and enter into joint ventures, subject to constitutional and statutory regulations.
The creation of GOLDBOD will necessitate amendments to the Minerals and Mining Act, 2006 (Act 703), and the Minerals and Mining Regulations, 2012 (L.I. 2173), solidifying the Board’s exclusive mandate in Ghana’s gold ecosystem.
With presidential assent imminent, Ghana is set to usher in a new era of strategic gold management, value addition and national benefit.
GOLDBOD is coming. Ghana is ready.
Source: Nationaltyme.com
