The Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a Technical Committee to draft a legal framework for the establishment of the Ghana Gold Board (GoldBod).
According to Dr. Forson, the establishment of the committee underscores the pressing need to formalise and regulate the small-scale gold mining sector to maximise the country’s economic gains.
He said this during a meeting with the Management Precious Minerals Marketing Company (PMMC) at the Ministry of Finance on 27th January 2025.
The GoldBod, championed by His Excellency President John Dramani Mahama, aims to revitalise the economy by addressing the challenges of gold smuggling, fragmented gold purchasing systems, and limited foreign exchange accumulation.
Unlike the current system, the GoldBod will act as the sole buyer of gold from licensed aggregators and traders, ensuring traceability and compliance with international standards.
Additionally, the agency will promote value addition across the gold value chain, from extraction and refining to marketing on both local and international platforms.
Dr. Forson expressed concern over the chaos in the current gold purchasing sector, which includes multiple stakeholders such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and private aggregators.