Finance minister inaugurates technical committee to draft legal framework for Ghana Gold Board

The Minister of Finance, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee tasked with drafting a comprehensive legal framework for the establishment of the Ghana Gold Board (GoldBod), a flagship initiative of President John Dramani Mahama aimed at revitalising the economy.

Addressing the press at the Ministry of Finance on January 27, 2025, Dr. Forson emphasised the strategic importance of the GoldBod, which is envisioned to stabilise the national currency through structured purchasing and management of the country’s gold resources.

“As Africa’s leading gold producer, Ghana earns substantial foreign exchange from gold, but the economic benefits have remained minimal, often accompanied by significant environmental costs,” Dr. Forson noted.

He highlighted the need for Ghana to move beyond traditional revenue sources, such as royalties and taxes, to maximize the value chain of gold resources, including extraction, refining, value addition, and marketing.

The proposed GoldBod will serve as a specialized agency to oversee the marketing of Ghana’s gold and implement programs to formalize gold trading from the small-scale mining sector.

This initiative aims to enhance traceability and international acceptability of Ghanaian gold, addressing the current chaos in the gold purchasing sector, which has contributed to smuggling and significant foreign exchange losses.

Dr. Forson highlighted the fragmented nature of Ghana’s gold market, noting that multiple entities; including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), private aggregators, and individual license holders who currently engage in gold purchasing and exporting.

He however pointed out that this lack of coordination has undermined the sector’s potential and deprived the state of critical revenue.

To address these issues, the GoldBod will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and traders.

It will also serve as the sole assayer, seller, and exporter of gold from small-scale miners, ensuring 100% repatriation of foreign exchange earnings to support the cedi.

“The enabling legislation will clearly outline the GoldBod’s mandates, amend relevant sections of the Minerals Commission’s export regulations, and ensure compliance with other related laws,” Dr. Forson stated.

The Minister of Finance mentioned that the GoldBod will not assume the regulatory role of the Minerals Commission over small-scale mining but will complement its efforts, particularly in promoting formalisation and compliance in gold trading.

He also underscored the need for strong monitoring and compliance measures to combat black-market activities and gold smuggling.

He expressed confidence that the GoldBod would play a pivotal role in stabilising the economy while ensuring Ghana derives maximum benefits from its gold resources.

The establishment of the Ghana Gold Board marks a critical step toward addressing longstanding challenges in the gold sector and unlocking its full potential for national development.