AFTER DECADES of disorganization in Ghana’s gold trade, the government has finally centralized control under one agency – the newly established Ghana Gold Board (GoldBod).
The Board, inaugurated today, will serve as the sole authorized buyer, assayer and licensing body for gold trade, particularly from the small-scale mining sector.
Finance Minister Dr. Cassiel Ato Baah Forson delivered a candid assessment of the past, describing it as chaotic and fragmented. “Hitherto, the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF) and numerous private entities were all involved in buying and exporting gold, often in overlapping and conflicting roles,” he said.
This lack of coordination, he noted, led to rampant gold smuggling and significant losses in foreign exchange earnings for the state. The establishment of GoldBod aims to correct this by introducing a streamlined, accountable and transparent system.
“With GoldBod now the sole buyer and assayer of gold and the only institution authorized to license gold traders, we can finally implement a deliberate program to formalize gold trading and enhance traceability,” Dr. Forson announced.
The Minister further indicated that this reform has already started bearing fruit, citing GoldBod’s role in strengthening the cedi and contributing to record-high foreign reserves.
He expressed confidence that this new centralized structure will not only enhance revenues but also improve Ghana’s global reputation in the gold market.
Source: Nationaltyme.com
