Former Majority Leader of Parliament, Osei Kyei-Mensah-Bonsu, has expressed concerns about the qualifications and capabilities of individuals appointed to oversee the operations of the Ghana Gold Board (GOLDBOD).

The government established the GOLDBOD as a strategic initiative to revitalise Ghana’s gold industry, enhance foreign exchange inflows, and formalise the small-scale mining sector.

This move is part of broader efforts to bring efficiency and transparency to Ghana’s gold trade while ensuring that small-scale miners are integrated into the formal economy, thereby curbing illegal mining and promoting sustainable practices.

As part of its commitment to the gold sector, the government allocated a substantial amount of funds to support the activities of the GOLDBOD.

In the 2025 budget, the Minister of Finance, Dr. Cassiel Ato Forson announced that a total of $279 million has been set aside as a revolving fund for the Ghana Gold Board. This funding is expected to facilitate the purchase and export of at least three tonnes of gold per week from small-scale miners.

The initiative aims to stabilize the gold market, boost Ghana’s foreign reserves, and create a structured avenue for small-scale miners to benefit from the global gold trade.

However, speaking at the Kumasi Dialogue, an event that brought together policymakers, industry experts, and stakeholders to discuss economic and governance issues, Kyei-Mensah-Bonsu raised a red flag regarding the selection of individuals entrusted with the management of GOLDBOD.

“It is a good intent that they have expressed. You expect to populate the board with people with demonstrable competencies in commodity training and so on so if we get it wrong at the very outset, it will be dangerous for us as a country.”