Finance Minister inaugurates technical committee for Ghana Gold Board Legislation

The Minister of Finance, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee to draft the legal framework and operational guidelines for the establishment of the Ghana Gold Board (GoldBod).

The initiative, spearheaded by President John Dramani Mahama, aims to strengthen Ghana’s economy and stabilize its currency by streamlining the management of the nation’s gold resources.

At a press briefing on January 27, 2025, Dr. Forson emphasized the critical role GoldBod will play in transforming Ghana’s gold sector. As Africa’s leading gold producer, Ghana earns substantial foreign exchange from gold exports, yet much of the value remains untapped due to inefficiencies and illegal practices. The GoldBod seeks to address these challenges by ensuring a structured approach to gold purchasing, refining, and marketing while promoting traceability and formalizing small-scale mining operations.

Dr. Forson highlighted the fragmented and unregulated nature of Ghana’s current gold sector. Institutions such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and the Minerals Income Investment Fund (MIIF), along with private buyers and exporters, operate without coordination. This disorganized system has facilitated gold smuggling, resulting in significant foreign exchange losses. Research indicates that smuggled gold from small-scale mining may be valued at nearly double the officially exported amount, underscoring the urgency of intervention.

The Ghana Gold Board will serve as a specialized agency to regulate and streamline gold trading. It will act as the sole buyer of gold from legal small-scale miners, ensure compliance with international standards, and secure 100% repatriation of foreign exchange from gold exports to support the cedi. The board will also have exclusive rights to assay, sell, and export gold purchased from small-scale miners, while working in tandem with the Minerals Commission to complement its regulatory role.

A revolving fund will be established to enable GoldBod to purchase all gold produced by the small-scale mining sector. Dr. Forson also announced key initiatives such as the pursuit of London Bullion Market Association (LBMA) certification to enhance the international acceptability of Ghana’s gold. The new framework will require amendments to existing legislation to grant GoldBod its exclusive mandates and strengthen compliance mechanisms to combat gold smuggling and black-market activities.

The minister urged the newly inaugurated Technical Committee, comprising experts from various institutions, to work diligently on drafting a robust Bill and operational framework. Members of the committee include representatives from the PMMC, Minerals Commission, Bank of Ghana, MIIF, legal practitioners, mining experts, and other stakeholders.

Dr. Forson reiterated that GoldBod is a flagship project of President Mahama’s administration, designed to harness Ghana’s gold resources for maximum economic benefit. By formalizing the gold trading sector and curbing illegal activities, the GoldBod will help stabilize the national currency, generate foreign exchange, and revitalize the economy.

The timelines for the committee’s work were outlined at the briefing, with Dr. Forson calling for maximum support from stakeholders to ensure the success of this transformative initiative. He concluded by reaffirming the government’s commitment to transparency, sustainability, and economic growth through strategic resource management.

The membership of the committee includes:

• Sammy Gyamfi Esq. – Acting Managing Director, PMMC

• Marriettta 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

• Mr. 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, Finance, Private Legal Practitioner

• Mr. 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

• A Representative from the Ministry of Finance

• A Representative from the Office of the Attorney-General