Ghana Establishes Technical Committee for Gold Board Initiative
In a significant move towards economic revitalization, the Finance Minister, Dr. Cassiel Ato Forson inaugurated a Technical Committee today tasked with drafting a legal framework for the Ghana Gold Board (GoldBod). The ceremony took place at the Ministry of Finance, with distinguished members of the press in attendance.
The GoldBod is a flagship initiative envisioned by President John Dramani Mahama, aimed at achieving currency stability through structured management of Ghana’s gold resources. As Africa’s leading gold producer, Ghana has substantial foreign exchange earnings from gold, yet the country has not fully capitalized on this valuable mineral, often facing steep environmental costs.
Historically, Ghana’s revenues from gold have been limited to traditional sources, such as royalties and taxes. Dr. Forson emphasized the need for the nation to expand its approach beyond these methods, advocating for the optimization of the entire gold value chain—from extraction to refining and marketing.
“The Gold Board will serve as a specialized agency for effective marketing of our gold resources,” he stated, highlighting the importance of formalizing gold trading from the small-scale mining sector and promoting traceability for better international acceptance of Ghana’s gold.
The current gold purchasing landscape in Ghana is chaotic, with multiple entities, including the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana, involved in gold transactions. This fragmented system has led to rampant smuggling and significant foreign exchange losses. The GoldBod is set to streamline these processes, acting as the sole buyer of gold from the legal small-scale mining sector.
Dr. Forson assured that the enabling legislation will clarify GoldBod’s mandates and ensure the repatriation of foreign exchange from gold exports, ultimately supporting the national currency.
The committee is composed of experts from various institutions, including the PMMC, the Bank of Ghana, and the Minerals Commission. Its members include prominent figures such as Sammy Gyamfi, Esq., Acting Managing Director of PMMC, and Dr. Tony Aubyn, former CEO of the Minerals Commission.
The committee has been tasked with developing a comprehensive operational framework and is expected to work diligently to fast-track the establishment of GoldBod.
Minister Forson concluded his address by urging industry players and stakeholders to support this initiative, which he described as a critical tool for economic revitalization and currency stability.
By: Idris Ibn Mohammed