Dr Cassiel Ato Forson, the Minister of Finance, has highlighted the key role of the newly established Ghana GoldBod in fully harnessing the economic potential of the country’s vast gold resources.

Speaking at the inauguration of the technical committee tasked with drafting a legal framework for the creation of the Ghana Gold Board (GoldBod) on Monday, January 27, 2024, Dr. Forson emphasised that the board’s primary goal is to ensure Ghana maximises the benefits of its rich gold reserves.

This strategic move aims to unlock greater value from the gold sector and elevate Ghana’s standing in the global market.

The formation of Ghana GoldBod marks a major milestone in improving the management and utilization of the country’s gold resources.

The agency will oversee the gold mining, refining, and export processes, with a focus on boosting local value creation and strengthening Ghana’s position in the international gold market.

Dr. Forson further underscored that the Ghana GoldBod initiative is expected to drive significant economic growth, attract investment, and increase the country’s overall gold production.

“Historically, Ghana’s revenue from gold is either from traditional sources such as royalties and taxes. The Ghanaian economy has not realised the full benefit of resources. The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.

“As a nation, we must aspire to maximise the full benefit of our gold resources. This involves optimising every stage of the value chain from extraction to refinery, and value addition both locally and internationally. The Ghana GoldBod will serve as a specialised agency to ensure the marketing of Ghana’s gold resources.

“This will involve the implementation of a deliberate programme to formalise gold trading from a small-scale trading industry and promote traceability to enhance international acceptability,” he said.

The membership of the technical committee includes;