THE MINISTRY of Finance and Economic Planning, today marked a significant step towards economic revitalization with the inauguration of a Technical Committee tasked with developing the legal and operational framework for the establishment of the Ghana Gold Board (GoldBod).
The initiative, championed by His Excellency President John Dramani Mahama, aims to maximize Ghana’s benefits from its gold resources while ensuring currency stability.
Addressing the media, Finance Minister Dr. Cassiel Ato Forson underscored the critical role of the GoldBod in transforming Ghana’s gold industry.
He highlighted that despite Ghana’s status as Africa’s leading gold producer, the nation’s revenues from gold have been limited to royalties and taxes, while the economic benefits remain sub-optimal and accompanied by environmental challenges.
A Paradigm Shift in Gold Resource Management
Dr. Ato Forson emphasized the need to harness the entire value chain of gold production – from extraction and refining to value addition and marketing – to boost Ghana’s foreign exchange earnings and stabilize the cedi.
The GoldBod, he stated, will serve as a specialized agency for formalizing gold trading, promoting traceability and ensuring the international acceptability of Ghana’s gold, particularly from the small-scale mining sector.
“The current fragmented, uncoordinated and unregulated system has led to widespread gold smuggling, depriving the state of much-needed foreign exchange,” Dr. Ato Forson opined.
“…this new agency will streamline the sector, becoming the sole buyer of gold from the legal small-scale mining industry through licensed aggregators and traders”, the Minister assured.
Comprehensive Mandate and Exclusive Rights
The GoldBod’s enabling legislation will position it as the sole assayer, seller and exporter of gold purchased from small-scale miners. It will also amend relevant regulations of the Minerals Commission to ensure 100% repatriation of foreign exchange from gold exports.
The agency will not replace the Minerals Commission’s regulatory mandate but will complement it by promoting traceability and pursuing London Bullion Market Association (LBMA) certification.
The government will establish a revolving fund to finance GoldBod’s operations, enabling it to purchase all gold produced by the small-scale mining sector.
Urgent Need for Reform
Research indicates that nearly twice the officially recorded $5 billion in gold exports from the small-scale mining sector in 2024 was smuggled out of the country, resulting in significant foreign exchange losses.
Dr. Ato Forson stressed that formalizing the small-scale mining sector and curbing smuggling through GoldBod would enhance foreign exchange accumulation and stabilize the cedi.
Composition of the Technical Committee
The committee tasked with drafting the Bill and operational framework for the GoldBod comprises seasoned experts from diverse fields, including finance, legal, mining and business development. The members are:
1. Sammy Gyamfi Esq. – Acting Managing Director, PMMC
2. Marriettta Agyeiwaa Brew – Legal Counsel to the President
3. Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
4. Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
5. Dr. Tony Aubyn – Former CEO, Minerals Commission
6. Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
7. Martin Kwaku Ayisi – CEO, Minerals Commission
8. Joseph Iroko – Legal, Minerals Commission
9. Eric Bukari – Manager, Small Scale Mining, Minerals Commission
10. Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
11. Kwabena Agyemang Barning – Chief Technical Officer, MIIF
12. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
13. Sharon Quaye – Head of Business Development, PMMC
14. Mohammed Abubakar – Director of Finance, PMMC
15. Bernard Samuel Annan – Head of Field Operations, PMMC
16. Richard Kofi Afenu Esq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
17. Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
18. Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
19. Roger Kwakye – Gold Trading Consultant
20. Representatives from the Ministry of Finance and the Office of the Attorney-General
Dr. Ato Forson urged the committee to work diligently and efficiently to fast-track the realization of the GoldBod initiative, which remains a top priority for the government.
Timelines and Way Forward
The committee has been provided with a detailed timeline to complete its work promptly (refer to the attached timelines).
He called on all industry players and stakeholders to offer their maximum support in achieving this ambitious vision, which is poised to revitalize the economy and stabilize the nation’s currency.
Source: Nationaltyme.com
