Goldbod Bill: Owning Gold Isn't Illegal

Recent claims circulating regarding the Goldbod Bill, passed by Parliament and awaiting Presidential assent, have caused unnecessary alarm and confusion. The central, and demonstrably false, claim is that the bill will require individuals, including chiefs, to obtain a license simply to possess gold, jewelry, or other gold products, with failure to do so being a punishable crime.

This assertion has been firmly debunked by Lawyer Sammy Gyamfi, the acting Managing Director of the Precious Minerals Marketing Company (PMMC). According to Gyamfi, no provision within the Goldbod Bill criminalises the mere holding, possession, or storage of gold. The crux of the matter lies in the definition of “hoarding,” which is the actual offense targeted by the legislation.

Clause 68(1) of the Goldbod Bill states: “A person shall not, without lawful authority, HOARD gold without a license or authorisation issued by the Gold Board.” Understanding this clause requires a clear distinction between possessing gold and hoarding it.

Clause 74 of the Bill defines "hoard" as “the accumulation or storage of a gold mining product beyond reasonable business needs, with the purpose of manipulating market conditions or creating artificial scarcity.” This definition underscores the bill's intention to target specific actions that disrupt the market, not the everyday possession of gold.

More importantly, Clause 68(2) provides a crucial exemption: Subsection (1) – the section defining the offense of hoarding – “DOES NOT APPLY TO A PERSON IN POSSESSION OF GOLD FOR PERSONAL OR VALUE STORAGE PURPOSES.”

In essence, the Goldbod Bill aims to prevent licensed agents, entrusted with funds to acquire gold for the Goldbod, from exploiting their position by hoarding gold to manipulate prices, create unfair competition, or induce artificial scarcity. The legislation is designed to regulate the gold market and ensure fair practices, not to restrict individual ownership.

Therefore, the claim that the Goldbod Bill criminalises the possession of gold by individuals, whether for personal use, ancestral reasons, or as a store of value, is unequivocally false.

In fact, the Goldbod's mandate includes promoting value addition within the gold sector, specifically encouraging local gold fabrication into coins, tablets, bars, and other castings and mints for Ghanaians. This initiative stems from a desire to position gold as a more stable store of value compared to the U.S. dollar, ultimately aiming to alleviate pressure on the Ghana cedi.

The Goldbod will actively promote the purchase of gold products like coins and tokens as a viable means of storing value. This clearly contradicts the misleading narrative that individual gold ownership is being criminalised.

The circulating claim that possessing gold for ancestral, traditional, or personal reasons constitutes a crime under the Goldbod Bill is completely unfounded and misleading.

The legislation focuses on regulating the market and preventing hoarding for manipulative purposes, while explicitly protecting the right of individuals to own gold for personal use and as a store of value.

Therefore, Ghanaians can be rest assured that the Goldbod Bill does not infringe on their right to own and keep gold. It is crucial to rely on credible sources and factual information to avoid perpetuating misinformation surrounding this important piece of legislation.

Anthony Obeng Afrane

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