The Ghana Gold Board (GOLDBOD) has received strong support from stakeholders in the gold trading sector, with expectations that it will enhance the economy and stabilize foreign exchange. Discussions at a recent forum highlighted the need for fair representation on the board and the restoration of degraded lands, while also emphasizing community benefits and regulations to combat gold smuggling.
The establishment of the Ghana Gold Board (GOLDBOD) has garnered overwhelming support from stakeholders within the gold trading sector. This initiative is anticipated to significantly improve the economy by streamlining gold trading and enhancing foreign exchange stability, ultimately strengthening the cedi and increasing reserves.
Representatives from various sectors, including gold buyers, jewelers, bullion traders, small-scale miners, licensed gold exporters, and mining firms in the Western Region, gathered at a forum organized by the Precious Minerals Mining Company (PMMC) in Tarkwa. They voiced optimism regarding GOLDBOD’s potential and urged the government to expedite its establishment while advocating for fair representation of all stakeholders on the governing board.
Among the calls, attendees emphasized the importance of including traditional leaders and academic members on the board. Godwin Nickleson Amarh, the General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), expressed support for GOLDBOD but raised concerns about restoring degraded lands and ensuring fair gold pricing standards aligned with the London Bullion Market Association certification.
Jonathan Ababio, representing the Jewelers Association, commended provisions in the draft legislation for retaining a percentage of gold purchases and supplying necessary machinery. This measure is expected to enhance value addition and assist in accessing international markets. Alhaji Dauda, a licensed gold buyer, welcomed a proposed revolving fund of US$279 million for gold purchases, urging timely disbursement to avoid operational liquidity issues.
Kwaku Effah Esuahene of the Chamber of Bullion Traders Association highlighted GOLDBOD’s role in regulating foreign exchange flow and urged unity among stakeholders to combat gold smuggling. The forum aimed to inform participants about GOLDBOD’s objectives while seeking their collaborative efforts.
Samuel Gyamfi, the Managing Director of PMMC, articulated that GOLDBOD’s establishment would benefit everyone in the sector. He noted that revenue from gold sales would contribute to miner support and community development through educational and infrastructural initiatives. Gyamfi also detailed the GOLDBOD Technical Committee’s creation to formulate relevant legislation, targeting the reduction of foreign gold smuggling.
Data from the Bank of Ghana indicated a record gold export value of $11.64 billion in 2024, driven primarily by small-scale miners. However, it was reported that smuggled gold out of the country may surpass this value. GOLDBOD will serve as the sole buyer of gold, enhancing regulatory compliance and ensuring competitive pricing for stakeholders.
The endorsement of GOLDBOD by gold sector stakeholders signals a pivotal shift towards improved governance and economic stability within Ghana’s gold trading landscape. Stakeholders are united in their vision for fair representation, effective pricing mechanisms, and support for local communities, ensuring that the benefits of gold mining are shared broadly. The initiative stands poised to combat gold smuggling, enhance foreign exchange stability, and foster sustainable economic growth.
Original Source: www.ghanaweb.com
