Stakeholders in Ghana’s gold sector endorsed the Ghana Gold Board (GOLDBOD) during a March 14, 2025, forum. They expect GOLDBOD to elevate foreign exchange earnings and enhance the economy. There are calls for fair representation on the board, while significant investments and regulatory measures are proposed to combat smuggling and improve local industry operations.
Stakeholders in Ghana’s gold trading sector recently endorsed the Ghana Gold Board (GOLDBOD) as a transformative initiative for the industry. This endorsement occurred during a forum held on March 14, 2025, in Tarkwa, organized by the Precious Minerals Marketing Company (PMMC), where various industry actors, including gold buyers and small-scale miners, expressed optimism about the potential economic benefits.
Participants believe that GOLDBOD will enhance foreign exchange earnings, stabilize the cedi, and increase Ghana’s gold reserves. However, they urged the government to ensure equitable representation on the governing board, advocating for the inclusion of traditional leaders and academic experts to promote transparency and accountability.
Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), assured miners about the fairness and competitiveness of gold pricing within the new framework, which would be based on London Bullion Market Association standards. He also emphasized the importance of land restoration efforts alongside GOLDBOD’s initiatives.
Jonathan Ababio from the Jewellers Association praised draft legislation provisions requiring a percentage of gold purchases to remain in Ghana, alongside government assistance in providing machinery to enhance value addition. He argued that these changes would facilitate entry into the international market.
Licensed gold buyer Alhaji Dauda highlighted the significance of a US$279 million revolving fund for gold purchases, urging timely disbursement to avoid liquidity issues. He stressed the need for collective support of GOLDBOD to improve the gold trading sector’s operations.
Mr. Kwaku Effah Esuahene from the Chamber of Bullion Traders noted GOLDBOD’s pivotal role in determining actual foreign exchange earnings from gold exports and called for collaborative efforts to address gold smuggling, which impacts revenue significantly.
PMMC’s Managing Director, Samuel Gyamfi, underscored that GOLDBOD would benefit all industry players and local communities, promising support through mining equipment, community infrastructure, and educational initiatives. Gyamfi detailed the draft GOLDBOD Bill, aiming to eliminate illegal gold smuggling activities that harm the sector.
Bank of Ghana data indicates significant growth in gold exports, amounting to US$11.64 billion in 2024, with US$4.6 billion sourced from small-scale mining. However, smuggling has nearly doubled this figure, underscoring the need for regulation. GOLDBOD will act as the sole buyer of gold through licensed channels, ensuring compliance with industry regulations and moving away from the previous system allowing unrestricted purchases by local and foreign entities.
The endorsement of the Ghana Gold Board marks a significant step toward reforming Ghana’s gold trading sector. Stakeholders anticipate economic improvements, fair practices in gold pricing, and increased local investment. Continuous collaboration and regulatory enforcement are essential to combat smuggling and to ensure the long-term viability of the industry, benefiting miners and local communities alike.
Original Source: www.graphic.com.gh
