GoldBod introduces bonus to curb smuggling, support miners
The Ghana Gold Board (GoldBod) has introduced a temporary bonus scheme for licensed miners in a bid to curb gold smuggling, stabilise the local industry and provide financial relief to miners affected by recent market volatility.
In a statement released on Wednesday, 27 August, GoldBod announced that miners who sell their gold through official channels will now receive an additional GHS832 per pound of gold.
This adjustment means that instead of the prevailing market price of GHS8,868, licensed miners will earn GHS9,700 per pound.
The Board explained that the initiative follows persistent concerns from licensed miners about shrinking profit margins due to the strengthening of the Ghana cedi against major currencies, which has in turn reduced the local value of gold.
“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi,” the statement said.
GoldBod emphasised that licensed miners have been instrumental in boosting Ghana’s gold output and, by extension, strengthening the country’s foreign exchange reserves.
It noted that it would be unfair for these miners to suffer financial setbacks caused by the very economic progress they have helped facilitate.
“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings do not indirectly suffer as a result of the significant appreciation of the Ghana cedi, which they have helped the country achieve,” the Board stated.
To guarantee the smooth rollout of the scheme, GoldBod assured miners that it has allocated adequate resources and issued clear directives to its licensed traders nationwide to ensure prompt payment of the special bonus.
The measure is expected to cushion miners against temporary market pressures and encourage compliance with official trade channels, thereby reducing the incentive for gold smuggling.
