Bank of Ghana will be represented on the board of GoldBod – Asiama

Governor of the Bank of Ghana (BoG) Dr Johnson Asiama has announced that the central bank will be represented on the board of the Gold Board.

He says that the BoG will definitely be part of the Goldbod initiative introduced by the Mahama administration.

Answering questions during the 123rd Monetary Policy Committee (MPC) press conference in Accra on Friday March 28, he said “You heard about the gold for oil programme , the Ministry of Energy is currently conducting a review of the gold board framework, we are also involved in that review, we want to look at what take offs we can take out of that. We are hoping that the Goldbod will take over these operations, and therefore we will be left with building our reserves at the end of the day.

“I must say that the Bank of Ghana will be represented on the board of the Goldbod, we will be part of that exercise, and so we will still be indirectly working with them.

“The Gold For Oil (G4O) is not likely to continue, I have made that point already. After the Ministry of Energy completes its audit review, we will come out with the next steps as far as the GoldBod is concerned.”

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Despite criticism from the minority caucus, Parliament has passed the Ghana Gold Board Bill 2025, establishing the Gold Board on Friday, March 28.

The Goldbod is seeking to regulate the gold industry, enhance transparency and traceability, and boost foreign exchange earnings. It will oversee the purchase, sale, and export of gold, generating revenue to stabilize the cedi.

The Minority had argued that the bill promotes illegal mining activities, also known as ‘galamsey’, the house approved the bill by a majority decision.

The Majority Leader Maham Ayariga, said on the floor of Parliament that “Mr. Speaker, this is a landmark legislation. And those of us who sat through the night to the morning to pass this historic legislation Bill should be proud of ourselves. We have vindicated the trust and confidence Ghanaians reposed in us.

“Indeed, the 24-hour economy has started in this chamber.”

According to the government, the board will play a crucial role in formalising gold trading within the small-scale mining sector, improving traceability, and advancing efforts to secure London Bullion Market Association (LBMA) certification.

Following its introduction, First Deputy Speaker Bernard Ahiafor referred the bill to the Finance and Lands and Natural Resources Committees for further review and reporting.

“Honourable members, the Ghana Gold Board Bill 2025 is presented and read for the first time and accordingly referred to the Finance Committee for consideration and reports,” he announced.

The Minority in Parliament walked out before the consideration of the Ghana Gold Board Bill 2025.

 

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