Stakeholders Support Establishment of Ghana Gold Board as Economic Catalyst

Stakeholders in Ghana’s gold sector have endorsed the Ghana Gold Board (GOLDBOD), viewing it as a transformative initiative for the industry and the economy. The forum underscored the importance of fair representation and support for small-scale miners and highlighted the need to prevent gold smuggling. GOLDBOD aims to improve pricing, retain a portion of gold sales in the country, and enhance infrastructure in mining communities.

The stakeholders in Ghana’s gold trading sector have expressed strong support for the establishment of the Ghana Gold Board (GOLDBOD), which has been described as a pivotal development that will revolutionize the industry and fortify the nation’s economy. During a forum organized by the Precious Minerals Marketing Company (PMMC) in Tarkwa on March 14, 2025, various participants including gold buyers, jewellers, bullion traders, small-scale miners, licensed gold exporters, banks, and commercial mining firms conveyed their optimism regarding this initiative.

Supporters of GOLDBOD highlighted the potential for increased foreign exchange earnings, stabilization of the cedi, and enhancement of Ghana’s gold reserves. However, there were important calls for the government to ensure that all relevant industry players are adequately represented on the governing board of GOLDBOD. Stakeholders also advocated for the inclusion of traditional leaders and academics to promote transparency and accountability in the board’s activities.

Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM) and a GOLDBOD Technical Committee member, assured small-scale miners that gold pricing under the new framework would remain fair and competitive. He emphasized that “GNASSM is fully represented on the Technical Committee of the GOLDBOD and will ensure that the pricing of gold is fair, competitive, and at a commercial rate that aligns with the stringent London Bullion Market Association certification.” Moreover, he committed GNASSM’s support towards land restoration efforts associated with GOLDBOD’s initiatives.

Jonathan Ababio, representing the Jewellers Association, praised draft legislative provisions aimed at retaining a percentage of gold purchases within the country and providing necessary machinery for value addition. He noted the importance of adopting new strategies to enhance Ghana’s position in the international market, asserting that the initiative “will enable us to break into the international market, and this is good news for us.”

Licensed gold buyer Alhaji Dauda expressed excitement over a US$279 million revolving fund allocated for gold purchases and urged the government to ensure timely disbursement of these funds to mitigate liquidity issues. He stated, “The government must let the money flow so that our work will go on. There shouldn’t be any liquidity challenges that will affect our operations.”

Kwaku Effah Esuahene from the Chamber of Bullion Traders Association stressed GOLDBOD’s responsibility in accurately reporting the foreign exchange earnings from gold exports. He called for collaboration with the government to curtail gold smuggling, which has severely impacted revenue streams in the sector.

Samuel Gyamfi, Managing Director of PMMC, underscored that the GOLDBOD initiative promises widespread benefits across the gold industry, asserting that proceeds from gold sales will be reinvested into mining communities for development purposes, including infrastructure and education. He explained that “proceeds from the sale of gold that the GOLDBOD will sell will be used to support the miners and mining communities.”

Mr. Gyamfi further detailed the draft GOLDBOD Bill, highlighting measures aimed at curbing illegal foreign gold activities that have harmed the sector, particularly from Chinese and Indian smugglers. According to data from the Bank of Ghana, official gold exports reached US$11.64 billion in 2024, although the actual value of smuggled gold was suspected to be nearly double that figure. To better regulate the industry, GOLDBOD will be the sole purchaser of gold through licensed aggregators and local traders, which will replace the previous unregulated export practices.

The recent forum acted as an informative platform for stakeholders to learn about the key objectives and operations of the Ghana Gold Board, thereby securing their endorsement for its forthcoming implementation.

In conclusion, the establishment of the Ghana Gold Board (GOLDBOD) has garnered substantial support from stakeholders across Ghana’s gold trading sector, as they recognize its potential to revolutionize the industry and reinforce the nation’s economy. Key stakeholders have emphasized the importance of fair representation, land restoration, and strategic investments in local infrastructure. As GOLDBOD prepares for implementation, it is poised to address regulatory challenges and fortify the overall stability of Ghana’s gold sector, which is of critical economic importance.

Original Source: www.graphic.com.gh