Some members of the committee in a photo with the Finance minister [in suit and blue tie]
Finance Minister Dr. Cassiel Ato Forson has inaugurated a Technical Committee to create the legislative and operational framework for the Ghana Gold Board (GoldBod) in an effort to optimize the economic potential of Ghana’s gold resources.
An important step in reviving Ghana’s economy and guaranteeing currency stability was taken with the inauguration, which took place on January 27, 2025, at the Ministry of Finance.
President John Dramani Mahama’s flagship project, the GoldBod, aims to legitimize gold trading, improve the traceability and worldwide acceptability of Ghanaian gold, and streamline operations in the small-scale mining industry.
The inauguration, held at the Ministry of Finance on January 27, 2025, marks a significant step toward revitalizing Ghana’s economy and ensuring currency stability.
The GoldBod is a flagship initiative of President John Dramani Mahama, designed to formalize gold trading, streamline operations in the small-scale mining sector, and enhance the traceability and international acceptability of Ghana’s gold.
The January 27, 2025, inauguration, which took place at the Ministry of Finance, is a major milestone in reviving Ghana’s economy and guaranteeing currency stability.
A signature project of President John Dramani Mahama, the GoldBod aims to improve the traceability and worldwide acceptability of Ghanaian gold, legitimize gold trading, and streamline operations in the small-scale mining industry.
Dr. Forson underlined the difficulties caused by Ghana’s disjointed and uncontrolled gold buying market, which has resulted in substantial foreign exchange losses and extensive smuggling.
He pointed out that although Ghana exported around $5 billion worth of gold from legitimate small-scale mining in 2024, studies show that the value of gold that is smuggled out of the nation is almost twice as much.
With the exclusive right to assay, market, and export gold, the GoldBod will serve as the only purchaser of gold from the small-scale mining industry. To reduce black-market activity, it will also put strong monitoring and compliance mechanisms in place.
The Technical Committee includes experts from key institutions such as the Precious Minerals Marketing Company (PMMC), the Minerals Commission, the Bank of Ghana, and the Minerals Income Investment Fund (MIIF). Members include:
Sammy Gyamfi Esq., Acting Managing Director, PMMC
Marrietta Agyeiwaa Brew, Legal Counsel to the President
Dr. Abdul Baasit Aziz Bamba, Legal Practitioner
Dr. Tony Aubyn, Former CEO, Minerals Commission
Martin Kwaku Ayisi, CEO, Minerals Commission
Representatives from the Ministry of Finance and the Attorney-General’s Office.
The committee is expected to draft a comprehensive Bill and operational framework that will formalize the trading of gold, promote traceability, and position Ghana for London Bullion Market Association (LBMA) certification.
The establishment of the GoldBod is anticipated to address inefficiencies in Ghana’s gold sector, improve foreign exchange accumulation, and stabilize the Cedi. Dr. Forson urged the committee to work diligently to fast-track this initiative and called on stakeholders to support the effort.
It is expected that the GoldBod’s establishment will boost foreign exchange accumulation, stable the Cedi, and address inefficiencies in Ghana’s gold sector. Dr. Forson called on stakeholders to support the endeavor and urged the committee to work hard to expedite this project.
KA
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