Goldbod Initiative Set to Revolutionize Ghana’s Gold Industry
In a significant development, the Goldbod Technical Committee, led by Acting Managing Director of the Precious Mineral Marketing Company (PMMC), Sammy Gyamfi, Esq., met with small-scale miners, gold dealers, and jewelers in Kumasi yesterday. The meeting, held at the “Miklin” Hotel, drew a massive attendance and featured engaging discussions on the Goldbod initiative.
Launched by President John Dramani Mahama, the Goldbod initiative aims to restructure and streamline the gold trading industry, maximizing national benefits across the gold value chain. The initiative has received widespread acclaim, with attendees at the meeting praising it as a game-changer.
The draft Bill for the establishment of the Goldbod has undergone extensive stakeholder consultations and has secured approval from the Ministry of Finance, Ministry of Lands and Natural Resources, and the Office of the Attorney-General and Minister of Justice. The Bill now awaits approval from Cabinet and Parliament, expected to be secured within the next few days.
Once passed into law, Goldbod will assume the functions of the PMMC, operating with enhanced powers to generate forex and support the Bank of Ghana’s gold reserve accumulation program. Goldbod will have exclusive rights to buy, sell, and export gold from the small-scale mining industry, as well as purchase and export gold from large-scale mining firms.
Key objectives of the Goldbod initiative include:
- Value addition policies: Promoting local processing and value addition to Ghana’s gold resources.
- Responsible sourcing and traceability: Ensuring that gold is sourced and traded responsibly, with transparent supply chains.
- Combating gold smuggling: Aggressively addressing illicit gold trading and smuggling.
- Supporting small-scale miners: Providing geological investigations, concession viability assessments, and equipment financing to support small-scale miners.
The Goldbod initiative promises to transform Ghana’s gold industry, ensuring that the country maximizes the benefits of its gold resources.