Stakeholders in Ghana’s gold trading have endorsed the establishment of the Ghana Gold Board (GOLDBOD), viewing it as a transformative initiative. They advocate for fair representation on the board and highlight the benefits of enhanced foreign exchange earnings and economic stability. Key figures expressed support for transparent practices, price competitiveness, and the elimination of gold smuggling.
The establishment of the Ghana Gold Board (GOLDBOD) has received widespread endorsement from stakeholders in the gold trading sector, who view it as a transformative initiative for the industry and the nation’s economy. During a forum organized by the Precious Minerals Marketing Company (PMMC) in Tarkwa, participants expressed optimism regarding the anticipated benefits, including enhanced foreign exchange earnings and increased gold reserves in Ghana.
Stakeholders emphasized the need for fair representation on the GOLDBOD governing board, highlighting the importance of including traditional leaders and academic professionals to promote transparency and accountability. Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), reassured that the new pricing framework for gold would be equitable and competitive, ensuring alignment with international standards.
Jonathan Ababio, representing the Jewellers Association, praised the legislative provisions that allow for retaining a portion of gold purchases domestically while providing necessary machinery for value addition. He stated that these steps are crucial for enhancing Ghana’s competitiveness in the international market.
Licensed gold buyer Alhaji Dauda expressed excitement over the allocation of a US$279 million revolving fund for gold purchases but urged the government to manage the fund’s disbursement effectively to avoid liquidity issues. He stressed the importance of supporting GOLDBOD to facilitate the sector’s transformation.
Kwaku Effah Esuahene from the Chamber of Bullion Traders Association noted GOLDBOD’s critical role in determining foreign exchange levels generated from gold exports. He called for collaboration between stakeholders and the government to combat gold smuggling, which has greatly hampered revenue generation.
Samuel Gyamfi, Managing Director of PMMC, affirmed that the GOLDBOD initiative aims to benefit all players in the gold industry, promoting corporate social responsibility through investments in mining communities. He reiterated the necessity of the GOLDBOD in regulating gold purchases by eliminating illegal operations that have undermined the industry.
Gyamfi also provided insight into the proposed GOLDBOD Bill, designed to position GOLDBOD as the sole buyer of gold, enhancing regulatory compliance within the sector. Data from the Bank of Ghana indicated a significant increase in gold exports, emphasizing the critical need for structural improvements to safeguard Ghana’s mining economy.
In summary, the endorsement of the Ghana Gold Board by key industry stakeholders marks a pivotal moment for the gold trading sector in Ghana. Stakeholders are optimistic about the potential economic benefits, emphasizing the importance of fair representation and regulatory improvements. The GOLDBOD initiative aims to enhance gold pricing fairness, combat smuggling, and invest in mining communities, ultimately benefiting the nation as a whole.
Original Source: www.graphic.com.gh
