Stakeholders in Ghana’s gold trading sector have endorsed the establishment of the Ghana Gold Board (GOLDBOD), viewing it as a transformative initiative. Participants at a forum expressed optimism about enhanced foreign exchange earnings and industry stability. However, concerns were raised regarding governance representation and smuggling. Key figures assured fair gold pricing and highlighted the anticipated social benefits GOLDBOD would provide to mining communities.
The Ghana Gold Board (GOLDBOD) has received strong support from stakeholders in the gold trading sector, who believe it will significantly transform the industry and strengthen the national economy. During a forum hosted by the Precious Minerals Marketing Company (PMMC) in Tarkwa on March 14, 2025, participants including gold buyers, jewellers, bullion traders, and banks expressed their optimism regarding the initiative. They anticipate that GOLDBOD will enhance foreign exchange earnings, stabilize the cedi, and increase Ghana’s gold reserves.
While stakeholders are generally supportive, they also urged the government to ensure diverse representation on GOLDBOD’s governing board. There are calls for the inclusion of traditional leaders and academics to promote transparency and accountability within the framework. Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), who also serves on GOLDBOD’s Technical Committee, assured small-scale miners that the proposed price structure would be fair and competitive.
Jonathan Ababio, representing the Jewellers Association, praised the draft legislation for retaining a portion of gold purchases within Ghana and supplying local machinery to enhance value addition. He emphasized the need for substantial changes in the approach to the gold industry to improve market access internationally. Licensed buyer Alhaji Dauda highlighted the allocated US$279 million revolving fund for gold purchases, advocating for timely and equitable disbursement to avoid liquidity issues.
Mr. Kwaku Effah Esuahene from the Chamber of Bullion Traders underscored GOLDBOD’s capacity to accurately assess foreign exchange earnings from gold exports and encouraged collaboration to combat gold smuggling. PMMC Managing Director Samuel Gyamfi articulated that GOLDBOD’s initiatives would benefit all industry participants, pledging support for miners and mining communities through social development programs.
The draft GOLDBOD Bill, presented by Mr. Gyamfi, focuses on eradicating foreign gold smuggling, which has hindered the sector. Data from the Bank of Ghana indicated that Ghana exported US$11.64 billion in gold in 2024, marking a 53.2% increase year-on-year; however, smuggled gold values nearly doubled this amount. The GOLDBOD will become the exclusive buyer of gold through licensed aggregators and local traders, ensuring compliance with regulations and a more organized market. The forum served to educate stakeholders on GOLDBOD’s objectives and to garner support for its imminent establishment.
Stakeholders in Ghana’s gold trading sector recognize the potential of the Ghana Gold Board (GOLDBOD) to positively impact the industry and the national economy. They have emphasized the importance of fair representation on the governing board and urged the government to take necessary actions against smuggling to safeguard the sector. Overall, GOLDBOD is viewed as a crucial step toward improving local operations and ensuring equitable benefits for all involved in the gold industry.
Original Source: www.graphic.com.gh
