Stakeholders in Ghana’s gold trading sector have largely endorsed GOLDBOD, viewing it as vital for economic growth and stability. Key discussions highlighted the need for fair representation and collaboration in the establishment process. Pledges were made to address land degradation, ensure pricing equity, and enhance local gold purchasing and export practices.
The Ghana Gold Board (GOLDBOD) has received strong support from stakeholders in the gold trading sector who believe its establishment will significantly enhance the economy and fiscal landscape. GOLDBOD aims to streamline gold trading, with stakeholders such as bullion traders, jewelers, small-scale miners, and banks anticipating benefits in foreign exchange stabilization and reserve accumulation.
During a forum organized by the Precious Minerals Mining Company (PMMC) in Tarkwa on March 14, 2025, participants emphasized the need for prompt action in the formation of GOLDBOD. They stressed the importance of fair representation for all stakeholders on the governing board, including traditional leaders and academic members.
Godwin Nickleson Amarh, the General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), expressed support for GOLDBOD while voicing concerns about land degradation. Amarh pledged cooperation with GOLDBOD to restore such lands. He also reassured that GNASSM’s participation would ensure fair pricing of gold post-establishment.
Jonathan Ababio from the Jewelers Association highlighted valuable legislative provisions aimed at retaining a percentage of gold purchases in the country, which would allow local jewelers to enhance product value and access international markets.
Alhaji Dauda, a licensed gold buyer, welcomed the $279 million revolving fund allocated to GOLDBOD for gold purchases. He called for timely fund disbursement and emphasized the necessity for gold to be bought at commercial rates to prevent liquidity issues affecting operations.
Kwaku Effah Esuahene, from the Chamber of Bullion Traders Association, pointed out that GOLDBOD is crucial for managing foreign exchange flow and combating gold smuggling, a growing threat in the sector.
The PMMC’s Managing Director, Samuel Gyamfi, assured stakeholders of the inclusive benefits expected from GOLDBOD. He explained the initiative’s commitment to supporting miners and mining communities through educational and infrastructural developments.
He noted the government’s establishment of the GOLDBOD Technical Committee to draft essential legislation while outlining GOLDBOD’s key role in curbing foreign gold smuggling. In 2024, Ghana’s gold export reached $11.64 billion, indicating a substantial increase, although smuggling remains a pervasive issue. Gyamfi confirmed GOLDBOD would act as the exclusive buyer to ensure compliance with regulatory frameworks, promising fair and competitive pricing.
The establishment of GOLDBOD is poised to revolutionize Ghana’s gold trading sector, integrating various stakeholders and addressing critical issues such as pricing fairness and land restoration. The initiative aims to stabilize foreign exchange and improve reserves, while the inclusion of diverse board members promises a balanced governance structure. GOLDBOD’s focus on combating smuggling and enhancing local production capabilities will be crucial for the sector’s sustainable growth.
Original Source: www.ghanaweb.com
