By Joshua Worlasi AMLANU
Government has inaugurated the Technical Committee of the Ghana Gold Board, a step toward stabilising the nation’s currency through structured management of its gold resources.
The Ghana Gold Board’s establishment is expected to positively impact the cedi by boosting foreign exchange earnings.
Finance minister Dr. Cassiel Ato Baah Forson described the initiative as a vital reform to address inefficiencies in Ghana’s gold sector, which remains fragmented and uncoordinated despite being Africa’s leading gold producer.
Speaking at the inauguration, Dr. Forson highlighted the need to move beyond traditional revenue sources such as royalties and taxes which have limited the country’s economic benefits from gold.
He stated: “Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes. The Ghanaian economy has not realised 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 maximise the full benefit of our gold resources. This involves optimising every stage of the value chain – from extraction to refinery, value addition and marketing, both locally and internationally”.
The Ghana Gold Board will serve as sole buyer of gold from the small-scale mining sector, a move intended to formalise and streamline operations in the industry.
Dr. Forson explained that the board will work to curtail illegal activities which have plagued the sector.
“The chaos in Ghana’s gold purchasing sector prevents the nation from fully benefitting from its gold resources. Numerous individuals, foreign agencies and companies with export licences are buying gold from unapproved sources, leading to widespread smuggling and depriving the state of much-needed foreign exchange,” he said.
Data from 2024 show that Ghana legally exported US$5billion worth of gold from small-scale mining. However, Dr. Forson revealed that smuggling gold may have resulted in losses of nearly double the official export value.
“This highlights the significant foreign exchange losses that have accrued to the state in the past. Streamlining the small-scale gold mining sector, curbing smuggling and directing gold purchases through formal channels will help Ghana improve its foreign exchange accumulation and stabilise our beloved cedi,” he added.
The Ghana Gold Board will also be mandated to ensure traceability, promote international certification and establish regulatory compliance.
“Key objectives of the Ghana Gold Board will be to formalise trading gold from the small-scale mining sector, promote traceability and pursue London Bullion Market Association certification in the shortest possible time,” Dr. Forson emphasised.
The board’s operations will be supported by enabling legislation, providing it with the exclusive legal right to buy, assay, sell and export gold from small-scale miners. A government-provided revolving fund will ensure consistent purchases from the sector, addressing liquidity challenges.
“This initiative is a top priority for the President,” Dr. Forson affirmed.
He urged members of the Technical Committee and stakeholders to work diligently on operationalising the board. “I entreat all of you, including industrial players and stakeholders, to give this initiative the maximum support. Together, we can transform Ghana’s gold sector for the benefit of all.”
The committee members include Sammy Gyamfi, Acting Managing Director of PMMC; Marietta Agyeiwaa Brew, Legal Counsel to the President; Dr. Abdul Baasit Aziz Bamba, a seasoned legal practitioner; and Dr. Johnson Asiamah, former Deputy Governor of the Bank of Ghana.
Other prominent participants were Dr. Tony Aubyn, former CEO of the Minerals Commission; Joojo Kakra Bannerman, Head of Financial Markets at Standard Chartered Bank; and Martin Kwaku Ayisi, CEO of the Minerals Commission. Representing the Minerals Commission were Joseph Iroko, Manager of Legal Affairs, and Eric Bukari, Manager of Small-Scale Mining.
Paul Elikplim Bleboo, Deputy Manager of the Gold Desk at the Bank of Ghana and Kwabena Agyemang Barning, Chief Technical Officer at MIIF, also graced the occasion.
Additional key figures include Mr. Ernest Asiedu Odami, Director of Corporate Planning at PMMC; Sharon Quaye, Head of Business Development at PMMC; and Mohammed Abubakar, Director of Finance at PMMC. Others were Bernard Samua M. Annan, Head of Field Operations at PMMC; Richard Kofi Afenu Esq., a geologist, mineral economist, and legal practitioner; and Mr. Kwaku Effah Asuahene, Chairman of the Chamber of Bullion Traders, Ghana.
The event also brought together Godwin Nichelsen Armah, General Secretary of the National Association of Small-Scale Miners; Roger Kwakye, a gold trading consultant; and a representative from the Office of the Attorney-General.
