Bank of Ghana to Have Representative on Gold Board - Dr. Asiama
Accra, Ghana - 01 April, 2025 - The Bank of Ghana is set to play a key role in the country's gold industry, with Governor Dr. Johnson Asiama announcing that the central bank will be represented on the board of the newly established Gold Board.
This move is part of the government's efforts to regulate the gold industry, improve transparency, and boost foreign exchange earnings.
The Governor of the Bank of Ghana also discussed the gold for oil program during the 123rd Monetary Policy Committee press conference, stating that the Ministry of Energy is reviewing the gold board framework.
According to Dr. Asiama, the Bank of Ghana is also involved in this review, aiming to identify potential benefits and improvements. He added that the ultimate goal is for the Goldbod to assume control of these operations, allowing the Bank of Ghana to focus on building its reserves.
“You heard about the gold for oil programme , the Ministry of Energy is currently conducting a review of the gold board framework, we are also involved in that review, we want to look at what take offs we can take out of that. We are hoping that the Goldbod will take over these operations, and therefore we will be left with building our reserves at the end of the day.
“I must say that the Bank of Ghana will be represented on the board of the Goldbod, we will be part of that exercise, and so we will still be indirectly working with them.
“The Gold For Oil (G4O) is not likely to continue, I have made that point already. After the Ministry of Energy completes its audit review, we will come out with the next steps as far as the GoldBod is concerned.”
The Gold Board, established by the Ghana Gold Board Bill 2025, will oversee the purchase, sale, and export of gold, generating revenue to stabilize the cedi.
The government believes that the board will formalize gold trading within the small-scale mining sector, improve traceability, and advance efforts to secure London Bullion Market Association (LBMA) certification.
However, the bill's passage was not without controversy, as the Minority caucus in Parliament argued that it could promote illegal mining activities, also known as 'galamsey'.
Despite this, the bill was approved by a majority decision, with Majority Leader Mahama Ayariga hailing it as a "landmark legislation".
Source: Lead News Online
