Ato Forson Inaugurates 21-Member Technical Committee to Develop Legal Framework for GoldBod

Accra, Ghana - 28 Jan, 2025 - Ghana's Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a technical committee to draft a legal framework for the establishment of the Ghana Gold Board (GoldBod).

The board aims to regulate and streamline the gold industry, particularly in the small-scale mining sector.

The GoldBod is a flagship initiative of President John Dramani Mahama's economic revitalization plan. It seeks to achieve currency stability by structuring the purchasing and management of Ghana's gold resources. As Africa's leading gold producer, Ghana earns significant foreign exchange from gold, but the benefits are often overshadowed by environmental costs and smuggling.

The current gold purchasing sector in Ghana is fragmented, uncoordinated, and unregulated, leading to widespread smuggling and loss of foreign exchange. The GoldBod will act as the sole buyer of gold from the legal small-scale mining sector, ensuring 100% repatriation of foreign exchange from gold exports.

The technical committee, comprising experts from various institutions, will develop a comprehensive legal and operational framework for the GoldBod. The committee's membership includes representatives from the Precious Minerals Marketing Company, the Bank of Ghana, the Minerals Commission, and other stakeholders.

The 21-member committee tasked with drafting a legal framework for the Ghana Gold Board includes:

- Government Representatives:
    - Sammy Gyamfi Esq., Acting Managing Director, Precious Minerals Marketing Company (PMMC)
    - Marriettta Agyeiwaa Brew, Legal Counsel to the President
    - Martin Kwaku Ayisi, CEO, Minerals Commission
    - A Representative from the Ministry of Finance
    - A Representative from the Office of the Attorney-General

- Financial and Mining Experts:
    - 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
    - Dr. Abdul Baasit Aziz Bamba, Legal Practitioner

- Industry Stakeholders:
    - 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
    - Richard Kofi Afenu Esq., Geologist, Mineral Economist, Finance, Private Legal Practitioner

- Other Experts:
    - 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, Minerals Income Investment Fund (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

The establishment of the GoldBod is expected to formalize the gold trading sector, promote traceability, and pursue London Bullion Market Association certification. The government will provide a revolving fund to purchase all gold from the small-scale mining sector.

In 2024, Ghana exported nearly $5 billion in gold from legal small-scale mining, but research suggests that the value of smuggled gold is nearly double this amount.

The GoldBod aims to curb smuggling, improve foreign exchange accumulation, and stabilize the Ghanaian currency, the Cedi.

Source: Florence Kyei/ Lead News Online