Finance Minister, Dr. Cassiel Ato Forson, today inaugurated a 22-member Technical Committee tasked with drafting a legal and operational framework for the establishment of the Ghana Gold Board (GoldBod).
The initiative, a flagship program under President John Dramani Mahama, seeks to harness the full potential of Ghana’s gold resources to stabilize the currency and revitalize the economy.
Addressing the press at the Ministry of Finance, Dr. Forson highlighted Ghana’s status as Africa’s leading gold producer and lamented the minimal economic benefits derived from the mineral resource due to unregulated trading and rampant smuggling. In 2024, legal small-scale mining exports generated $5 billion, but studies suggest the value of smuggled gold was nearly double this amount, resulting in significant foreign exchange losses.
“The Ghanaian economy has not realized the full benefit of our gold resources. The GoldBod will be the catalyst for formalizing and optimizing every stage of the gold value chain—from extraction to refining, marketing, and exportation,” Dr. Forson stated.
A Solution to Ghana’s Gold Sector Challenges
The GoldBod is envisioned as a specialized agency with a mandate to streamline and regulate gold trading, particularly from the small-scale mining sector. The agency will be the sole buyer of gold from licensed aggregators and traders, with exclusive rights to assay, sell, and export gold. This centralized system is expected to curb smuggling, enhance traceability, and secure 100% repatriation of foreign exchange earnings from gold exports.
Dr. Forson emphasized that the initiative will not infringe upon the Minerals Commission’s regulatory mandate but will complement its efforts to formalize the sector and achieve international certification under the London Bullion Market Association (LBMA).
Committee Composition and Mandate
The Technical Committee includes legal experts, financial specialists, and industry stakeholders. Notable members are Sammy Gyamfi, Acting Managing Director of PMMC; Dr. Johnson Asiamah, former Deputy Governor of the Bank of Ghana; Dr. Tony Aubyn, former CEO of the Minerals Commission; and representatives from the Ministry of Finance and the Office of the Attorney General.
Dr. Forson urged the committee to work diligently, stating, “The establishment of the GoldBod remains a top priority for His Excellency President John Dramani Mahama. We must expedite this process to transform the gold industry for national benefit.”
A Path Toward Economic Stability
Once operational, the Ghana Gold Board will ensure proper monitoring and compliance, addressing the sector’s current fragmentation. The revolving fund provided by the government will allow the GoldBod to purchase all gold from the small-scale mining sector, effectively channeling resources through formal markets. This is expected to strengthen Ghana’s foreign exchange reserves and stabilize the Cedi.
“This initiative will not only address the challenges of the small-scale mining sector but will also significantly contribute to economic growth and currency stability,” Dr. Forson concluded.
The timelines for the committee’s work are yet to be disclosed, but the minister expressed confidence in the team’s ability to deliver a comprehensive and robust framework for the GoldBod’s establishment. Industry players and stakeholders have been encouraged to support this transformative initiative.