In a significant move to formalize Ghana's gold sector, Finance Minister Dr. Cassiel Ato Baah Forson has inaugurated a technical committee tasked with establishing the Ghana Gold Board. The committee's primary objective is to develop a comprehensive regulatory framework, governance structure, and operational strategies for the proposed Gold Board .
This is a key initiative of President John Dramani Mahama aimed at maximizing the nation’s gold resources and stabilizing its currency.
Speaking at the inauguration, Finance Minister Dr. Cassiel Ato Forson described the initiative as a bold step toward addressing inefficiencies in Ghana’s gold sector.
“The Ghana Gold Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. As Africa's leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost” he underscored.
“The GoldBod will enable us to harness the entire value chain of gold production, from extraction to refining, value addition, and marketing, both locally and internationally,” Dr. Forson stated.
He noted that the board will act as a specialized agency to formalize gold trading, particularly from the small-scale mining sector, while promoting traceability to enhance the international reputation of Ghanaian gold.
The GoldBod, he noted, will serve as the sole buyer of gold from legal small-scale miners through licensed aggregators, as well as the sole assayer, seller, and exporter of gold within this segment. This approach, he said, would reduce gold smuggling, improve foreign exchange accumulation, and support the stabilization of the Cedi.
Currently, gold purchasing in Ghana operates under a fragmented system involving multiple entities, including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and private aggregators. Dr. Forson noted that, the system is chaotic, citing significant financial losses from unregulated operations and widespread smuggling.
The GoldBod’s establishment is expected to bring coherence to the sector. A comprehensive legal framework will grant the board exclusive rights to streamline gold trading, ensure full repatriation of foreign exchange earnings, and pursue certification from the London Bullion Market Association (LBMA).
“The GoldBod will complement the regulatory functions of the Minerals Commission without replacing them. Its key objective is to formalize the gold trade while promoting transparency and sustainability,” Dr. Forson said.
The committee has been given a tight schedule to deliver its work. By February 5, 2025, it is expected to present a draft bill and amendments to existing regulations, with GoldBod slated to commence operations on March 8, 2025.
The Minister later called on stakeholders and industry players to support the endeavor, underscoring its importance for Ghana’s economic stability and development.
In addition to curbing gold smuggling, the GoldBod is designed to formalize small-scale mining operations, ensuring better monitoring and compliance. The government will establish a revolving fund to purchase all gold produced by small-scale miners, thereby injecting liquidity into the sector and boosting confidence.
As Ghana positions itself to fully leverage its gold resources, the GoldBod is anticipated to become a cornerstone of economic transformation. Dr. Forson concluded, “This initiative reflects our commitment to unlocking the true value of Ghana’s gold for the
The Technical Committee members include Mr Sammy Gyamfi Esq, Acting Managing Director, PMMC, Marriettta Agyeiwaa Brew, Legal Counsel to the President, Dr. Abdul Baasit Aziz Bamba, Legal Practitioner , Dr. Johnson Asiamah, Former Deputy Governor, Bank of Ghana, Dr. Tony Aubyn, Former COE, Minerals Commission, Mr Joojo Kakra Bannerman, Head of Financial Markets, Standard Chartered Bank, Mr Martin Kwaku Ayisi, CEO, Minerals Commission, Mr. Joseph Iroko, Manager, Legal, Minerals Commission, Mr Bernard Samua M. Annan – Head of Field Operations, PMMC
Other members of the committee include Mr Eric Bukari, Manager, Small Scale Mining, Minerals Commission, Mr Paul Elikplim Bleboo, Deputy Manager, Gold Desk, Bank of Ghana, Mr Kwabena Agyemang Barning, Chief Technical Officer, MIIF, Mr. Ernest Asiedu Odami , Director, Corporate Planning, PMMC, Sharon Quaye, Head of Business Development, Mr Mohammed Abubakar, Director of Finance, PMMC, Mr Richard Kofi Afenu Esq, Geologist, Mineral Economist, Finance, Private Legal Practitioner
The rest of the committee members are Mr. Kwaku Effah Asuahene, Chairman, Chamber of Bullion Traders, Ghana, Mr Godwin Nichelsen Armah, General Secretary, National Association of Small-Scale Miners, Mr Roger Kwakye, Gold Trading Consultant, a representative from the Ministry of Finance and the Office of the Attorney-General. END