Finance Minister Dr. Cassiel Ato Forson has inaugurated a Technical Committee to design the legal and operational framework for the Ghana Gold Board (GoldBod), a key initiative championed by President John Dramani Mahama to strengthen Ghana’s economy by optimizing its gold resources.
Speaking during the event at the Ministry of Finance, Dr. Forson highlighted the critical role GoldBod will play in stabilizing the country’s currency and better managing its substantial gold reserves.
“Ghana is Africa’s leading gold producer, yet we have not fully harnessed the potential of this valuable resource due to inefficiencies in the sector,” he said. “It’s time to unlock the full value of our gold through improved extraction, refining, value addition, and marketing both locally and internationally.”
The establishment of GoldBod aims to formalize and regulate Ghana’s gold trading sector, particularly the small-scale mining industry, which has long been affected by issues like smuggling, lack of coordination, and unregulated activities.
Currently, entities such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and various private actors operate independently in gold trading and exports, creating a fragmented system. GoldBod will address this by centralizing and streamlining operations.
The Board will serve as the sole buyer of gold from legal small-scale miners and licensed aggregators and will take charge of selling and exporting Ghana’s gold. Dr. Forson emphasized that this centralization would improve traceability and ensure compliance with international standards such as the London Bullion Market Association (LBMA) certification.
“By ensuring full repatriation of foreign exchange earnings from gold exports, we can strengthen the Cedi and improve our overall economic stability,” he added.
Research shows that Ghana loses significant foreign exchange due to gold smuggling, with unofficial exports surpassing official figures. GoldBod’s creation is expected to curtail smuggling, maximize foreign exchange inflows, and ensure the gold sector contributes more effectively to national development.
The newly formed Technical Committee, made up of experts from institutions such as the PMMC, Bank of Ghana, and the Minerals Commission, is tasked with drafting a Bill for the establishment of GoldBod and formulating its operational framework.
Prominent members of the committee include Sammy Gyamfi Esq., Acting Managing Director of PMMC, Dr. Johnson Asiamah, former Deputy Governor of the Bank of Ghana, and Dr. Tony Aubyn, former CEO of the Minerals Commission. The team also includes other professionals with expertise in mining, gold trading, finance, and legal frameworks.
Dr. Forson called on the committee to work efficiently to accelerate the initiative, which remains a top priority for the government. He also urged stakeholders and industry players to support the project, describing it as a transformative step toward leveraging Ghana’s gold wealth for sustainable growth.
As Ghana moves forward with this initiative, the establishment of GoldBod marks a significant milestone in building a more robust and well-regulated gold industry, ensuring the nation reaps maximum benefits from its natural resources.
SOURCE: http://dew360.net
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