Stakeholders Endorse Ghana Gold Board (GOLDBOD) for Economic…

Ghana’s gold sector stakeholders have endorsed the establishment of the Ghana Gold Board (GOLDBOD), viewing it as essential for economic improvement. They emphasize the need for equitable representation in governance and express commitment to environmental restoration and fair pricing. Stakeholders are eager for the government to advance GOLDBOD’s establishment, which aims to curb illegal gold trading and enhance the sector’s regulatory framework.

In a notable endorsement, stakeholders across the gold trading sector have shown overwhelming support for the establishment of the Ghana Gold Board (GOLDBOD). They believe that GOLDBOD will serve as a catalyst for economic transformation, enhancing fiscal stability, foreign exchange management, and the accumulation of national reserves.

As the proposed initiative seeks to organize the gold trading landscape, participants such as gold buyers, jewelers, and miners concur that it will deliver substantial advantages for the Ghanaian economy. They expressed their sentiments during a forum hosted by the Precious Minerals Mining Company (PMMC) in Tarkwa on March 14, 2025, where they urged the government to expedite the establishment process.

While stakeholders are optimistic, they have emphasized the necessity for equitable representation on the governing board of GOLDBOD. They specifically called for the inclusion of traditional leaders and academic representatives to ensure diverse perspectives in the governance of the gold sector.

Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM) and a member of the GOLDBOD Technical Committee, expressed commitment to addressing concerns regarding environmental degradation. Amarh reassured stakeholders about the equitable pricing of gold once GOLDBOD becomes operational and advocated for the restoration of degraded lands.

Jonathan Ababio, representing the Jewelers Association, commended the legislation’s intent to retain a portion of gold purchases within the country. He advocated for governmental initiatives that allow artisans to enhance their products and connect with international markets, stating that this change is essential for progress.

Alhaji Dauda, a licensed gold buyer, highlighted the allocation of US$279 million as a revolving fund for gold acquisitions, stressing the importance of fair disbursement and prompt access to these funds to prevent liquidity problems.

Kwaku Effah Esuahene from the Chamber of Bullion Traders Association underscored GOLDBOD’s role in regulating foreign exchange earnings and called for collective efforts to combat gold smuggling, which poses challenges to the sector.

The forum’s primary goal was to engage stakeholders on the forthcoming GOLDBOD and solicit their cooperation. Samuel Gyamfi, Managing Director of PMMC, assured the audience that the initiative would benefit all participants in the gold trading sector. He elaborated on the law which mandates that proceeds from GOLDBOD sales will aid miners and local communities.

Furthermore, Gyamfi revealed that the government has initiated the GOLDBOD Technical Committee to formulate legislation guiding the sector. He emphasized the imperative need for GOLDBOD to curb illegal gold smuggling activities affecting Ghana’s trading stature, particularly those perpetrated by foreign entities.

With Ghana reporting an official gold export worth $11.64 billion in 2024, stakeholders anticipate that GOLDBOD will streamline this sector by operating as the exclusive buyer of gold to counteract illicit trading and ensure competitive pricing.

The establishment of the Ghana Gold Board (GOLDBOD) garners significant backing from gold sector stakeholders who foresee it as a transformative initiative for the economy. The call for fair representation, environmental responsibility, and legislative support underscores the collaborative effort required to ensure its success. As GOLDBOD aims to eliminate illegal trade and stabilize market operations, it presents an opportunity to enhance the country’s gold trading framework significantly.

Original Source: www.ghanaweb.com