In fulfillment of a campaign promise, the Finance Minister today, January 27, 2025 inaugurated a technical committee to draft a legal framework for the establishment of the Ghana Gold Board.
The 21 member committee is led by Sammy Gyamfi who is the acting manager of PMMC.
The technical team is made up of experts in the industry and are expected to provide a framework for the establishment of the Board.
Speaking at the inauguration, Finance Minister, Cassiel Ato Forson PhD said “The establishment of the Ghana Gold Board is a critical tool for economic revitalization and currency stability”.
Read Ato Forson’s Speech Below
FINANCE MINISTER, DR. CASSIEL ATO FORSON, INAUGURATES TECHNICAL COMMITTEE TO DRAFT A LEGAL FRAMEWORK FOR THE ESTABLISHMENT OF THE GHANA GOLD BOARD (GOLDBOD)
27TH JANUARY, 2025
- Distinguished members of the press, I warmly welcome you this afternoon to the Ministry of Finance.
- Today, we gather to inaugurate a Technical Committee tasked with developing the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod).
- The GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization.
- It seeks to serve as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
- As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
- Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes.
- The Ghanaian economy has not realized the full benefit of our gold 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 maximize the full benefits of our gold resources.
- This involves optimizing every stage of the value chain—from extraction to refining, value addition and marketing, both locally and internationally.
- The Ghana Gold Board will serve as a specialized agency for effective marketing of our gold resources.
- This will involve the implementation of a deliberate program to formalize gold trading from the small scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold fromGhana.
- Currently, the chaos in Ghana’s gold purchasing sector prevents the nation from fully benefiting from its goldresources.
- Presently, the Precious Minerals Marketing Company (PMMC) has the mandate to purchase and sell gold. However, this mandate is not exclusive.
- The Bank of Ghana also purchases gold through PMMC and other private aggregators under initiatives such as “gold for forex,” “gold for reserves”, gold for oil,” and “gold for cash” among others.
- Additionally, the Minerals Income Investment Fund (MIIF), despite its primary mandate to optimize mineral investment, has ventured into gold buying, incurring substantial financial losses.
- Also, numerous individual Ghanaians and foreigners with export licenses and/or gold buying licenses are active in the gold purchases and export market.
- This fragmented, uncoordinated and unregulated system has led to widespread gold smuggling and deprived the state of much-needed foreign exchange.
- To address these issues, the Ghana Gold Board will be mandated to regulate and streamline the sector.
- It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders.
- Upon its establishment, the GoldBod will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.
- The enabling legislation will clearly outline these mandates and amend relevant sections of the Minerals Commission’s export regulations and other ancillary legislations.
- This will ensure 100% repatriation of forex from the export of gold from the small-scale mining industry to support our national currency.
- The GoldBod will ensure strong monitoring and compliance measures which will help curtail black-market and smuggling of gold.
- It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector.
- Instead, it will complement its role.
- The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability and pursue London Bullion Market Association (LBMA) certification.
- The Government of Ghana will provide a revolving fund enough to PURCHASE ALL GOLD from the small-scale mining sector.
- In 2024 alone, Ghana exported nearly $5 billion in gold from legal small-scale mining.
- However, research indicates that the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure.
- This highlights the significant foreign exchange losses.
- Streamlining the small-scale mining sector, curbing smuggling, and directing gold purchases through formal channels will help Ghana improve its foreign exchange accumulation and help stabilize the Cedi.
- The establishment of the Ghana Gold Board is a critical tool for economic revitalization and currency stability.
- The GoldBod remains a top priority for His Excellency President John Dramani Mahama.
- I urge the committee to work diligently and efficiently to fast-track the realization of this noble objective.
- I also entreat all industry players and stakeholders to give this initiative their maximum support.
- Ladies and gentlemen, the members of the Technical Committee tasked with drafting the Bill and developing the operational framework for the GoldBod include experts from relevant institutions.
- Their diverse expertise will ensure the development of a comprehensive and robust legal and operational framework for the GoldBod.
- The membership of the committee includes:
- Sammy Gyamfi Esq. – Acting Managing Director, PMMC
- Marriettta Agyeiwaa Brew – Legal Counsel to the President
- Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
- Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
- Dr. Tony Aubyn – Former CEO, Minerals Commission
- Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
- Martin Kwaku Ayisi – CEO, Minerals Commission
- Joseph Iroko – Legal, Minerals Commission
- Eric Bukari – Manager, Small Scale Mining, Minerals Commission
- Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
- Kwabena Agyemang Barning – Chief Technical Officer, MIIF
- Mr. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
- Sharon Quaye – Head of Business Development, PMMC
- Mohammed Abubakar – Director of Finance, PMMC
- Bernard Samuel nnan – Head of Field Operations, PMMC
- Richard Kofi Afenu Esq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
- Mr. Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
- Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
- Roger Kwakye – Gold Trading Consultant
- A Representative from the Ministry of Finance
- A Representative from the Office of the Attorney-General
- The timelines for the committee’s work shall be as follows; (Refer to timelines attached).
- Thank you.
