Finance Minister Dr. Cassiel Ato Forson Inaugurates Committee to Establish the Ghana Gold Board (GoldBod)

On January 27th, 2025, Dr. Cassiel Ato Forson, the Finance Minister of Ghana, inaugurated a Technical Committee tasked with developing a legal and operational framework for the creation of the Ghana Gold Board (GoldBod).

The committee’s primary responsibility is to draft a bill that will guide the establishment of this important initiative, which is expected to play a key role in the country’s economic growth.

The Ghana Gold Board, envisioned by President John Dramani Mahama, is designed to help stabilize Ghana’s currency by strategically purchasing and managing the nation’s gold resources.

As Africa’s leading gold producer, Ghana benefits significantly from gold exports.

However, the full potential of these resources has not been realized, and the environmental costs have often outweighed the benefits.

While Ghana has traditionally generated revenue from gold through royalties and taxes, the GoldBod aims to expand the benefits by optimizing the entire value chain—from extraction to refining and marketing.

The GoldBod will focus on formalizing gold trading from the small-scale mining sector, enhancing traceability, and improving the international acceptance of Ghanaian gold.

At present, the country’s gold purchasing sector is fragmented, with multiple entities involved, including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and private aggregators.

This lack of coordination has led to challenges such as widespread smuggling and lost foreign exchange. To address these issues, the GoldBod will be the sole buyer of gold from the legal small-scale mining sector, streamlining the market and curbing illegal trade.

The GoldBod will also have exclusive rights to assay, sell, and export gold from small-scale miners, with its establishment supported by an enabling legislation that will amend existing regulations. This will ensure full repatriation of foreign exchange from gold exports to support the national currency.

Minister Forson emphasized that the GoldBod’s creation is essential for enhancing Ghana’s foreign exchange reserves and stabilizing the Cedi. In 2024, Ghana exported nearly $5 billion worth of gold from legal small-scale mining, yet research indicates that the value of smuggled gold is nearly double that amount, representing significant financial losses for the country.

The Minister also stressed that the GoldBod will complement the work of the Minerals Commission, which regulates the small-scale mining sector, rather than replacing it.

The goal is to formalize and streamline gold trading, improve traceability, and pursue certification from the London Bullion Market Association (LBMA).

Dr. Forson urged the committee to work efficiently to expedite the process of establishing the GoldBod, which remains a top priority for the government. He also called on all industry players and stakeholders to support this initiative for the benefit of Ghana’s economy.

The newly inaugurated committee comprises experts from various institutions, including the PMMC, the Bank of Ghana, the Minerals Commission, and legal professionals. Their combined expertise will ensure the development of a comprehensive legal and operational framework for the GoldBod.

The committee members include:

• Sammy Gyamfi Esq. – Acting Managing Director, PMMC
• Marriettta Agyeiwaa Brew – Legal Counsel to the President
• Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
• 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
• Martin Kwaku Ayisi – CEO, Minerals Commission
• 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, 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
• Richard Kofi Afenu Esq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
• Mr. 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
• A Representative from the Ministry of Finance
• A Representative from the Office of the Attorney-General

The committee is set to follow a detailed timeline for their work, with a focus on swiftly achieving the establishment of the Ghana Gold Board.