The forum was aimed at sensitizing the participants on the purpose, objects and functions of the soon to be established GOLDBOD while calling for their cooperation.
Players in the gold trading sector have massively endorsed the establishment of the Ghana Gold Board (GOLDBOD) and its stated objectives and indicated this will be a positive game changer to the economy and fiscal space.
The GOLDBOD aims to streamline the gold trading sector, and the stakeholders made up of gold buyers, jewelers, bullion traders, small scale miners, licensed gold exporters, banks, and commercial mining firms in the Western Region among others, believe it will yield maximum benefits for the country, particularly, in foreign exchange, stabilizing the Cedi, and accumulating more reserves.
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At a forum organized by the Precious Minerals Mining Company (PMMC) in Tarkwa on Friday, March 14, 2025, the gold dealers expressed optimism about the GOLDBOD’s potential and urged the government to fast-track its establishment.
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However, they cautioned the government to ensure to ensure fair representation of players in the gold trading sector on the governing board. They also called for the inclusion of traditional leaders and members from academia on the board.
Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small Scale Miners (GNASSM) and a member of the GOLDBOD Technical Committee told the gathering that much as they fully support the establishment of the GOLBOD, they are particularly, concerned about degraded lands. He assured that they would collaborate with the GOLDBOD to ensure that all degraded lands are restored.
He also allayed the fears of the small scale miners that there wouldn’t be fairness in the pricing of gold when the GOLDBOD is established and becomes operational. “GNASSM is fully represented on the Technical Committee of the GOLDBOD and will ensure that the pricing of gold is fair, competitive and at a commercial rate that aligns with the stringent London Bullion Market Association certification”, he stated.
Jonathan Ababio, representing the Jewelers Association, praised the provision in the draft legislation to retain a percentage of gold purchases and supply machinery to add value to their produce.
“We cannot continue to do things the way they are and expect different results. The retention of a percentage of gold purchases in the country and the provision of machinery by the government to enable us to add value to our produce will enable us to break into the international market and this is good news for us”, he noted.
Alhaji Dauda, a licensed gold buyer was, particularly, enthused about the allocation of US$279 million to the GOLDBOD as a revolving fund for gold purchases. He urged the government to ensure fair disbursement and timely releases of the funds. He also urged the government to ensure that gold is bought at a commercial rate.
“The government must let the money flow so that our work will go on. There shouldn’t be any liquidity challenges that will affect our operations. Let us all support the GOLDBOD to transform the gold trading sector”, he noted.
Kwaku Effah Esuahene from the Chamber of Bullion Traders Association noted that the GOLDBOD will help to determine the amount of forex that has hit the country’s accounts and urged stakeholders to support the government in preventing gold smugglers from taking over the sector.
