GoldBod Technical Committee inaugurated
Finance Minister Dr. Cassiel Ato Forson has inaugurated a Technical Committee to draft the legal framework for the establishment of the Ghana Gold Board (GoldBod), a flagship initiative envisioned by President John Dramani Mahama to revitalize the economy.
The committee is tasked with developing the legal and operational framework, including drafting a bill for the establishment of GoldBod.
The primary objective of GoldBod is to formalize gold trading from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association (LBMA) certification. By acting as the sole buyer of gold from legal small-scale miners through licensed aggregators and local traders, GoldBod aims to streamline gold purchases and reduce smuggling, thereby increasing earnings and supporting national currency stability.
Dr. Forson emphasized the importance of expanding beyond royalties and taxes by harnessing the entire value chain of gold, from extraction to refinery, value addition, and marketing, both locally and internationally. He urged the committee to work diligently and efficiently to fast-track the realization of this noble objective.
The Technical Committee comprises experts from various institutions, including the Precious Minerals Marketing Company (PMMC), Minerals Commission, Bank of Ghana, and the Ministry of Finance. Notable members include Sammy Gyamfi, Acting Managing Director of PMMC; Marietta Agyeiwaa Brew, Legal Counsel to the President; Dr. Abdul Baasit Aziz Bamba, Legal Practitioner; Dr. Johnson Asiamah, former Deputy Governor of Bank of Ghana; and Dr. Tony Aubyn, former CEO of Minerals Commission.
Research indicates that in 2024, Ghana exported nearly $5 billion worth of gold from legal small-scale mining. However, the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure, highlighting significant foreign exchange losses. The establishment of GoldBod seeks to address these challenges by ensuring strong monitoring and compliance measures to curtail black-market activities and smuggling of gold.
The government will provide a revolving fund sufficient to purchase all gold from the small-scale mining sector, ensuring a stable and transparent system that will drive national development. The enabling legislation will outline GoldBod’s mandates and amend relevant sections of existing laws to ensure 100% repatriation of foreign exchange from gold exports to support the national currency. The establishment of the Ghana Gold Board marks a critical step toward addressing longstanding challenges in the gold sector and unlocking its full economic potential. Dr. Forson called on all stakeholders in the mining sector to support this transformative initiative, which represents a cornerstone of Ghana’s broader economic transformation agenda under President Mahama’s leadership.
