Stakeholders in Ghana’s gold trading sector have backed the establishment of the Ghana Gold Board (GOLDBOD), describing it as a “game changer” that will transform the industry and strengthen the country’s economy.

At a forum organised by the Precious Minerals Marketing Company (PMMC) in Tarkwa on Friday, March 14, 2025, gold buyers, jewellers, bullion traders, small-scale miners, licensed gold exporters, banks, and commercial mining firms expressed optimism about the initiative.

They believe that GOLDBOD will enhance foreign exchange earnings, stabilise the cedi, and boost Ghana’s gold reserves.

However, they cautioned the government to ensure fair representation of industry players on the GOLDBOD governing board and called for the inclusion of traditional leaders and academics to enhance transparency and accountability.

The General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), Godwin Nickleson Amarh, who is also a member of the GOLDBOD Technical Committee, reassured small-scale miners that gold pricing under the new framework would be fair and competitive.

“GNASSM is fully represented on the Technical Committee of the GOLDBOD and will ensure that the pricing of gold is fair, competitive, and at a commercial rate that aligns with the stringent London Bullion Market Association certification,” he stated.

He also stressed the importance of land restoration and pledged GNASSM’s support for GOLDBOD’s efforts to rehabilitate degraded mining areas.

Representing the Jewellers Association, Jonathan Ababio lauded provisions in the draft legislation that will retain a percentage of gold purchases in Ghana and supply machinery to enhance value addition.

“We cannot continue to do things the way they are and expect different results. The retention of a percentage of gold purchases in the country and the provision of machinery by the government to enable us to add value to our produce will enable us to break into the international market, and this is good news for us,” he noted.

Licensed gold buyer Alhaji Dauda expressed enthusiasm about the allocation of US$279 million as a revolving fund for gold purchases. 

He urged the government to ensure fair disbursement and timely release of funds to prevent liquidity challenges.

“The government must let the money flow so that our work will go on. There shouldn’t be any liquidity challenges that will affect our operations. Let us all support the GOLDBOD to transform the gold trading sector,” he remarked.

Mr. Kwaku Effah Esuahene from the Chamber of Bullion Traders Association highlighted GOLDBOD’s role in determining the actual amount of foreign exchange earned from gold exports. 

He urged stakeholders to collaborate with the government to prevent gold smuggling, which has significantly affected revenue.

The Managing Director of PMMC, Samuel Gyamfi, reaffirmed that the GOLDBOD initiative will benefit all players in the gold industry and not just a select few.

“Per the law, proceeds from the sale of gold that the GOLDBOD will sell will be used to support the miners and mining communities. We will supply them with mining equipment and machinery to boost their operations. As part of the GOLDBOD’s corporate social responsibility, we are going to build schools, roads, award scholarships, and supply water in the mining communities. So, it is the entire country that is going to benefit from the GOLDBOD initiative,” he stated.

Mr. Gyamfi took stakeholders through the draft GOLDBOD Bill and outlined its efforts to remove foreign gold smugglers, particularly Chinese and Indian operators whose illegal activities have undermined the sector.

According to Bank of Ghana data, Ghana officially exported US$11.64 billion worth of gold in 2024, a 53.2 per cent year-on-year increase. Of this, US$4.6 billion came from small-scale miners. However, data revealed that the value of gold smuggled out of the country was nearly double this figure.

As part of efforts to regulate the industry, Gyamfi revealed that GOLDBOD will be the sole buyer of gold through licensed aggregators and local traders. He emphasised that this will ensure Ghana moves away from a system where both local and foreign companies with export licences purchase gold without following proper regulations.

The forum served as a platform to educate stakeholders on the objectives and operations of the soon-to-be-established Ghana Gold Board and to secure their support for its implementation.