Committee to draft Bill to back establishment of Ghana Gold Board inaugurated

Dr Cassiel Ato Baah Forson, the Minister of Finance, on Monday inaugurated a 19-member Technical Committee to develop the legal framework for the establishment of the Ghana Gold Board (GoldBod).

The Committee has been tasked to draft the Bill to formalise the establishment of the Board to streamline the gold sector especially the legal small-scale mining sector.

The Committee is expected to commence work immediately after the inauguration but the Board is expected to officially commence business by 8th March, 2025.

Members of the Committee include Sammy Gyamfi, Acting Managing Director, Precious Minerals Marketing Company (PMMC), Madam Marietta Agyeiwaa Brew, Legal Counsel to President John Dramani Mahama; Dr Johnson Asiamah, Former Deputy Governor, Bank of Ghana; Mr Martin Kwaku Ayisi, Chief Executive Officer, Minerals Commission; Mr Kwaku Effah Asuahene, Chairman, Chamber of Bullion Traders Ghana, and Mr Godwin Nichelsen Armah, General Secretary, National Association of Small-Scale Miners.

Dr Forson said the establishment of the Gold Board formed part of measures to achieve currency stability through the structured purchasing and management of Ghana’s gold resources.

He said the Board would act as the sole buyer of gold from the legal small-scale mining sector through license aggregators and local traders.

The Minister said that upon its establishment, the Gold Board would also have an exclusive legal right as the sole assayer, seller, and exporter of gold purchased from the small-scale gold miners.

“It is important to note that the Ghana Gold Board will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector. Instead, it will only complement its role.

“The key objectives of the Ghana Gold Board will be to formalise the trading of gold from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association, otherwise known as LBMA certification, in the shortest possible time,” Dr Forson added.

The Minister charged the Committee to “work around the clock” to achieve the key deliverables set out in the terms of reference.

Mr Gyamfi said members of the committee had experience and expertise to execute the task and assured the Minister of their readiness to meet the timelines scheduled for the establishment of the Board.

He said the Committee would adopt a consultative approach and appealed to all stakeholders to cooperate with the team to achieve its mandate.

Madam Brew said there had been a lot of lapses in the gold sector in the past and expressed confidence that the Board would help address the lapses in the sector to boost the contribution of Gold to Ghana’s economy.

Source: GNA

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