In a move towards reforming Ghana’s gold sector, Finance Minister Dr Cassiel Ato Forson has inaugurated a Technical Committee tasked with drafting a legal framework and developing an operational structure for the establishment of the Ghana Gold Board (GoldBod).
Speaking at the inauguration ceremony at the Ministry of Finance, Dr. Forson outlined the critical importance of the initiative, describing the GoldBod as “a flagship initiative envisioned by President John Dramani Mahama for economic revitalization.”
Dr. Forson emphasized the need to harness Ghana’s gold resources more effectively. “Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes. The Ghanaian economy has not realized the full benefit of our gold resources,” he said.
He called for a shift in focus to maximize the entire value chain of gold. “The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold. As a nation, we must aspire to maximize the full benefits of our gold resources,” he noted.
Dr. Forson also highlighted the disorganized nature of Ghana’s gold purchasing system, which has led to widespread smuggling and significant foreign exchange losses. “Currently, the chaos in Ghana’s gold purchasing sector prevents the nation from fully benefiting from its gold resources,” he said.
Research, he revealed, points to alarming discrepancies. “In 2024 alone, Ghana exported nearly US$5 billion in gold from legal small-scale mining. However, research indicates that the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure. This highlights the significant foreign exchange losses,” he stated.
The GoldBod, once established, will tackle these challenges by serving as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders. “The GoldBod will ensure strong monitoring and compliance measures, which will help curtail black-market and smuggling of gold,” Dr. Forson explained.
Dr. Forson outlined the critical role the GoldBod will play in formalizing the gold sector, promoting traceability, and securing international certification. “The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association (LBMA) certification,” he said.
He further added, “The Ghana Gold Board will be mandated to regulate and streamline the sector. It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders. Upon its establishment, the GoldBod will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.”
Dr. Forson assured that the initiative would complement, not replace, the regulatory role of the Minerals Commission. “It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector. Instead, it will complement its role,” he clarified.
The Technical Committee
The Technical Committee comprises experts from various institutions, selected to ensure a comprehensive and robust legal and operational framework for the GoldBod.
Members of the committee include:
Sammy Gyamfi Esq. – Acting Managing Director, PMMC
Marietta Agyeiwaa Brew – Legal Counsel to the President
Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
Dr. Tony Aubyn – Former CEO, Minerals Commission
Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
Martin Kwaku Ayisi – CEO, Minerals Commission
Joseph Iroko – Legal, Minerals Commission
Eric Bukari – Manager, Small-Scale Mining, Minerals Commission
Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
Kwabena Agyemang Barning – Chief Technical Officer, MIIF
Ernest Asiedu Odami – Director, Corporate Planning, PMMC
Sharon Quaye – Head of Business Development, PMMC
Mohammed Abubakar – Director of Finance, PMMC
Bernard Samuel Nnan – Head of Field Operations, PMMC
Richard Kofi Afenu Esq. – Geologist, Mineral Economist, and Private Legal Practitioner
Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
Roger Kwakye – Gold Trading Consultant
Representatives from the Ministry of Finance and the Office of the Attorney-General
Dr. Forson urged the committee to work efficiently, stressing the urgency of the initiative. “The establishment of the Ghana Gold Board is not just an initiative; it is a critical tool for economic revitalization and currency stability. Let us work together to make this vision a reality,” he said.
The initiative is seen as a cornerstone of Ghana’s broader economic transformation agenda under President Mahama’s leadership.
“The Ghana Gold Board remains a top priority for His Excellency President John Dramani Mahama. I urge the committee to work diligently and efficiently to fast-track the realization of this noble objective,” Dr. Forson concluded.
