The Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee to draft a legal framework for the establishment of the Ghana Gold Board (GoldBod).
The Ghana Gold Board would function as a specialised agency responsible for managing and marketing gold resources from the small-scale mining sector.
According to Dr. Forson, the establishment of the committee underscores the pressing need to formalise and regulate the small-scale gold mining sector to maximise the country’s economic gains.
He said this during a meeting with the Management Precious Minerals Marketing Company (PMMC) at the Ministry of Finance on 27th January 2025.
The GoldBod, championed by His Excellency President John Dramani Mahama, aims to revitalise the economy by addressing the challenges of gold smuggling, fragmented gold purchasing systems, and limited foreign exchange accumulation.
Unlike the current system, the GoldBod will act as the sole buyer of gold from licensed aggregators and traders, ensuring traceability and compliance with international standards.
Additionally, the agency will promote value addition across the gold value chain, from extraction and refining to marketing on both local and international platforms.
Dr. Forson expressed concern over the chaos in the current gold purchasing sector, which includes multiple stakeholders such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and private aggregators.
The Technical Committee tasked with drafting the Bill comprises seasoned experts from various institutions, including the PMMC, Minerals Commission, Bank of Ghana, and the Ministry of Finance.
Legal practitioners, financial analysts, and industry leaders have been brought together to ensure a comprehensive and robust legal framework.
The committee will also amend relevant laws to streamline gold exports and create a conducive environment for the GoldBod’s operations.
Dr. Forson urged the members to work diligently and adhere to the timelines set for the completion of their mandate.
With the establishment of the Ghana Gold Board, Ghana stands to benefit significantly from its gold resources, particularly by stabilising the national currency and increasing foreign exchange reserves.
Dr. Forson called on all stakeholders in the mining sector to support this transformative initiative, which represents a critical step towards harnessing the full economic potential of Ghana’s gold.
The government has committed to providing the necessary funding to purchase all gold from the small-scale sector, ensuring a stable and transparent system that will drive national development.
The Committee is composed as follows:
The post Finance Minister sets up technical committee to draft legal framework for establishment of GoldBod first appeared on 3News.
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