Stakeholders from various sectors, including small-scale miners and jewelers, have endorsed the Ghana Gold Board (GOLDBOD), expressing hope that it will enhance the economy through streamlined gold trading, foreign exchange stability, and fair pricing. Emphasis was placed on fair representation on the governing board and collaboration to address issues, including land degradation and gold smuggling.
The establishment of the Ghana Gold Board (GOLDBOD) has received widespread backing from stakeholders within the gold trading sector, who believe it will significantly enhance the economy and fiscal landscape. GOLDBOD’s primary goal is to streamline gold trading, benefiting various entities, including gold buyers and exporters, by improving foreign exchange earnings, stabilizing the cedi, and increasing reserves.
During a forum organized by the Precious Minerals Mining Company (PMMC) in Tarkwa on March 14, 2025, gold traders clearly articulated their support for GOLDBOD and urged the government to expedite its formation. They emphasized the importance of ensuring fair representation for all stakeholders on the governing board and requested the inclusion of traditional leaders and academia.
Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM) and a GOLDBOD Technical Committee member, acknowledged the group’s support of GOLDBOD while expressing concerns regarding degraded lands. He committed to collaborating with GOLDBOD on land rehabilitation efforts and reassured that gold pricing would remain fair and competitive under GOLDBOD’s oversight.
Jonathan Ababio from the Jewelers Association recognized the legislative proposal to retain a percentage of gold purchases within Ghana and the provision of machinery to facilitate product value addition, viewing it as a means to access international markets. Alhaji Dauda, a licensed gold buyer, expressed excitement about the allocation of US$279 million to GOLDBOD and stressed the need for timely fund disbursement to avoid liquidity issues affecting operations.
Kwaku Effah Esuahene from the Chamber of Bullion Traders Association stressed that GOLDBOD would help regulate foreign currency influx and urged collective efforts to combat gold smuggling that undermines the sector. This forum was designed to inform participants about GOLDBOD’s objectives and functions while seeking their support.
Samuel Gyamfi, Managing Director of PMMC, assured attendees that GOLDBOD would ensure benefits for all participants in the gold trading sector. He highlighted that proceeds from gold sales would assist miners and communities directly through infrastructure and educational initiatives. Gyamfi also noted that the GOLDBOD Technical Committee has been established to create enabling legislation for the sector, which aims to curb illegal gold trade effectively.
The robust endorsement of GOLDBOD by stakeholders signals a concerted effort to revitalize Ghana’s gold trading sector. By emphasizing fair representation, environmental responsibility, and economic benefits, GOLDBOD promises to foster greater transparency and stability. Collaborative efforts among various stakeholders are crucial to ensure the successful establishment and operational efficiency of GOLDBOD, bringing long-term advantages to the economy and mining communities.
Original Source: www.ghanaweb.com
