The Minister for Finance, Cassiel Ato Forson, Ph.D., has inaugurated a 20-member Technical Committee tasked with drafting the legal and operational framework for the establishment of the Ghana Gold Board (GoldBod).
The initiative, spearheaded by Finance Minister Dr. Cassiel Ato Forson, seeks to address the fragmented gold trading sector, enhance foreign exchange earnings and stabilise the national currency.
Speaking at the inauguration ceremony, Dr. Forson highlighted the critical role the Ghana Gold Board will play in maximising the value of Ghana’s gold resources.
“The GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalisation. It aims to serve as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources,” he stated.
According to him, despite being Africa’s leading gold producer and earning nearly $5 billion from gold exports in 2024, Ghana continues to grapple with challenges such as gold smuggling, unregulated trading and limited revenue streams confined to royalties and taxes.
“The chaos in Ghana’s gold purchasing sector prevents the nation from fully benefiting from its gold resources,” Dr. Forson lamented.
The Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF) and numerous private entities currently operate independently in the gold trade, leading to inefficiencies and significant financial losses.
The Ghana Gold Board will act as a centralized authority to streamline the sector. According to Dr. Forson, the board will serve as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders.
“It will also have exclusive legal rights as the sole assayer, seller, and exporter of gold from small-scale miners and formalize gold trading, promote traceability, and pursue certification from the London Bullion Market Association (LBMA).
“The establishment of the GoldBod will ensure strong monitoring and compliance measures to curtail black-market activities and gold smuggling. This is crucial for enhancing the international acceptability of Ghana’s gold,” Dr. Forson explained.
“As a nation, we must aspire to maximise the full benefits of our gold resources by harnessing every stage of the value chain,” Dr. Forson emphasised.
To achieve these goals, the government will provide a revolving fund sufficient to purchase all gold from the small-scale mining sector.
Dr. Forson also called on industry players and stakeholders to support the initiative, emphasizing its potential to formalize and optimize Ghana’s gold sector.
“The establishment of the Ghana Gold Board remains a top priority for President Mahama. I entreat all stakeholders to give this initiative their maximum support,” he said.
The Technical Committee comprises experts from various institutions. Members include;
Sammy Gyamfi Esq. – Acting Managing Director, PMMC
MarrietttaAgyeiwaa 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 COE, Minerals Commission
Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
Martin Kwaku Ayisi – CEO, Minerals Commission
Joseph Iroko – Manager, 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
Mr. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
Sharon Quaye – Head of Business Development, PMMC
Mohammed Abubakar – Director of Finance, PMMC
Bernard Samua M Annan – Head of Field Operations, PMMC
Richard Kofi AfenuEsq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
Mr. Kwaku EffahAsuahene – Chairman, Chamber of Bullion Traders, Ghana
Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
Roger Kwakye – Gold Trading Consultant
A Representative from the Office of the Attorney-General
