Accra: Dr Cassiel Ato Baah Forson, the Minister of Finance, inaugurated a 19-member Technical Committee on Monday to develop the legal framework for establishing the Ghana Gold Board (GoldBod). The committee's task is to draft a Bill to formalize the establishment of the Board, which aims to streamline the gold sector, particularly focusing on the legal small-scale mining sector.
According to Ghana News Agency, the Committee is expected to begin its work immediately following the inauguration, with the Board slated to officially commence operations by March 8, 2025. The Committee's members include notable figures such as Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC); Madam Marietta Agyeiwaa Brew, Legal Counsel to President John Dramani Mahama; and Dr Johnson Asiamah, Former Deputy Governor of the Bank of Ghana, among others.
Dr Forson emphasized that the establishment of the Gold Board is part of broader efforts to achieve currency stability through the structured purchasing and management of Ghana's gold resources. The Board will serve as the sole buyer of gold from the legal small-scale mining sector via licensed aggregators and local traders. It will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from these miners.
While the Ghana Gold Board will not take over the regulatory role of the Minerals Commission in the small-scale mining sector, it will complement its functions. The Board's primary objectives include formalizing gold trading from the small-scale mining sector, promoting traceability, and quickly pursuing London Bullion Market Association (LBMA) certification.
Dr Forson urged the Committee to work diligently to meet the key deliverables outlined in their terms of reference. Mr Gyamfi expressed confidence in the Committee's ability to execute its task, assuring the Minister of their readiness to adhere to the established timelines for the Board's setup. He also highlighted the Committee's plan to adopt a consultative approach, appealing to all stakeholders for cooperation.
Madam Brew pointed out past lapses in the gold sector and expressed optimism that the establishment of the Board would address these issues, thereby enhancing gold's contribution to Ghana's economy.
