Ghana Gold Board (GOLDBOD) Receives Strong Endorsement from Stakeholders

Stakeholders in Ghana’s gold trading sector have largely endorsed the establishment of the Ghana Gold Board (GOLDBOD), viewing it as crucial for enhancing the economy. The initiative seeks to streamline gold trading, stabilize foreign exchange, and ensure fair pricing. Key figures, including Godwin Nickleson Amarh and Samuel Gyamfi, have articulated support and concern for fair representation and environmental restoration. GOLDBOD’s objectives include eliminating smuggling and supporting local communities through corporate responsibility initiatives.

The endorsement for the establishment of the Ghana Gold Board (GOLDBOD) has gained significant momentum from stakeholders in the gold trading sector, which is expected to greatly enhance the country’s economy and fiscal capacity. The primary objective of GOLDBOD is to streamline the gold trading process, thereby benefiting all parties involved—ranging from gold buyers to small-scale miners—by improving foreign exchange stability and bolstering reserve accumulation.

During a forum hosted by the Precious Minerals Mining Company (PMMC) on March 14, 2025, stakeholders expressed enthusiastic support for GOLDBOD’s creation while urging for prompt governmental action. However, they emphasized the necessity for adequate representation of sector players, requesting the involvement of traditional leaders and academic members on the governing board.

Godwin Nickleson Amarh, the General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), reassured attendees of their commitment to the initiative while raising concerns regarding deteriorated lands, promising collaboration with GOLDBOD for restoration. He also addressed apprehensions surrounding fair gold pricing under the new entity.

Jonathan Ababio, a spokesperson for the Jewelers Association, highlighted the importance of provisions in the draft legislation that would allow for the retention of a percentage of gold purchases in-country and the provision of machinery to enhance product value, therefore motivating participants to engage competitively in the international market.

Alhaji Dauda, a licensed gold buyer, expressed his excitement over the establishment of a US$279 million revolving fund for gold acquisitions. He called for efficient and equitable distribution of these funds while advocating for commercial-rate purchases of gold to ensure operational continuity.

Kwaku Effah Esuahene from the Chamber of Bullion Traders Association reiterated the critical role of GOLDBOD in managing foreign exchange inflows and urged stakeholders to collaborate to combat gold smuggling, which poses a significant threat to the sector.

Samuel Gyamfi, Managing Director of PMMC, delivered assurances regarding GOLDBOD’s commitment to benefitting all sector participants. He noted that gold sale proceeds would be legally obligated to support miners and mining communities. In addition, he emphasized GOLDBOD’s corporate social responsibility initiatives, including infrastructure development and educational support for local mining communities.

With the establishment supported by the Ministry of Finance, the GOLDBOD Technical Committee is drafting legislative measures aimed to curb challenges posed by foreign gold smugglers and preserve the integrity of Ghana’s gold trade. As recorded by the Bank of Ghana, official gold exports reached $11.64 billion in 2024, indicating a notable increase, albeit amidst a background of substantial smuggling activities.

In summary, GOLDBOD aims to be a transformative force in the gold trading sector, addressing key economic issues while enhancing equity among stakeholders within this vital industry.

In conclusion, the establishment of the Ghana Gold Board (GOLDBOD) is anticipated to transform the gold trading landscape in Ghana. With widespread support from stakeholders, GOLDBOD aims to streamline operations, stabilize the economy, and promote fair practices among all participants. By prioritizing corporate social responsibility and confronting challenges like smuggling, GOLDBOD positions itself as a vital initiative for sustainable growth in the gold sector, benefiting the nation extensively.

Original Source: www.ghanaweb.com