Entrust GoldBod to persons with demonstrable experience – Osei Kyei-Mensah-Bonsu

Former Majority Leader, Osei Kyei-Mensah-Bonsu has raised concerns about the competence of persons mandated to oversee the operations of the GoldBod.

The NDC government established the GoldBod to revitalise Ghana’s gold industry, enhance foreign exchange inflows and formalise the small-scale mining sector.

In the 2025 budget, the finance minister disclosed that a total of $279 million has been allocated as a “revolving fund for the Ghana Gold Board (GOLDBOD) to purchase and export at least 3 tonnes of gold per week from small-scale miners.”

But the former Suame MP although lauded the establishment of the GoldBod, argued that it lacks the required competence to deliver its mandate.

He made the statement on Monday, March 24, 2025 at a public dialogue on the 2025 Budget organised by Kumasi Bloc Members of Parliament under the theme: “Assessing the 2025 Budget implications for Kumasi’s Development and the way forward.”

“It’s a good intent that they’ve expressed. You expect to populate the GoldBod with people with demonstrable competence in commodity trading and so on.

“If you go for someone who excuse me to say has no work experience like job for the boys. Are we to give public funds to such persons to be managed by them? If we get it wrong at the very onset, it will be dangerous for us as a country,” he stated.

The Ghana Gold Board Bill 2025 has been presented to Parliament, seeking to establish the Gold Board to regulate the buying, selling, and export of gold while generating foreign exchange for the country.

Commenting on the budgetary allocation for the Women’s Development Bank, Osei Kyei-Mensah-Bonsu stressed that the amount is inadequate.

“With the capital requirement for the establishment of banks set at GHC400 million which was equivalent to 100 million dollars at the time it was determined, what can GHC51 million which is now equivalent to $3.2 million do for the 17 million women in Ghana? But contained in the GHC51 million is the amount to establish the bank,” he noted.

The post Entrust GoldBod to persons with demonstrable experience – Osei Kyei-Mensah-Bonsu first appeared on 3News.

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