Goldbod Initiative Receives Strong Support at Kumasi Stakeholder Meeting

A technical committee, led by Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi Esq., convened a meeting with small-scale miners, gold dealers, and jewelers in Kumasi, Ashanti Region, to discuss the proposed Goldbod initiative.

The event, held at Miklin Hotel, saw a large turnout and productive discussions.

Attendees expressed overwhelming support for President John Dramani Mahama’s Goldbod initiative, hailing it as a critical step towards restructuring and streamlining the gold trading industry to maximize national benefits.

The draft bill for the establishment of Goldbod has undergone extensive stakeholder consultations and has received approvals from the Ministry of Finance, the Ministry of Lands and Natural Resources, and the Attorney-General’s office.

The bill now awaits Cabinet and Parliamentary approval, which the Ministry of Finance and the technical committee anticipate securing in the coming days.

Upon passage into law, Goldbod will replace the PMMC, operating with expanded objectives, powers, and functions. Its primary goals will be to generate foreign exchange for Ghana and support the Bank of Ghana’s gold reserve accumulation program.

Goldbod will be granted exclusive rights to purchase, sell, and export gold from the small-scale mining sector and will have the option to buy and export gold from large-scale mining companies.

The entity will also focus on value-added policies, promote responsible sourcing and traceability, combat gold smuggling, and provide support to small-scale miners through geological investigations, concession viability assessments, and equipment financing.