Dr. Cassiel Ato Forson, the Minister of Finance, has underscored the pivotal role of the newly established Ghana Gold Board, commonly referred to as GoldBod, in fully harnessing the economic potential of the country’s abundant gold resources.
Speaking at the inauguration of the technical committee assigned to draft a legal framework for the creation of GoldBod on Monday, January 27, 2024, Dr. Forson emphasized that the board’s primary objective is to ensure that Ghana maximizes the benefits derived from its rich gold reserves.
This strategic initiative aims to unlock greater value from the gold sector, enhancing Ghana’s position in the global market. The establishment of the Ghana GoldBod signifies a major milestone in improving the management and utilization of the country’s gold resources, which have historically played a critical role in the national economy.
The newly formed agency will oversee the gold mining, refining, and export processes, focusing on boosting local value creation while solidifying Ghana’s standing in the international gold market. Dr. Forson elaborated on the expectations tied to the Ghana GoldBod initiative, stating that it is anticipated to drive significant economic growth, attract foreign investment, and increase the overall production of gold within the country.
“Historically, Ghana’s revenue from gold has primarily stemmed from traditional sources such as royalties and taxes. However, the Ghanaian economy has not fully realized the benefits of its resources. The time has come for Ghana to expand beyond merely collecting royalties and taxes by harnessing the entire value chain of gold,” Dr. Forson noted. He further called for a collective aspiration to maximize the full benefit of the nation’s gold resources, which involves optimizing every stage of the value chain—from extraction to refining and value addition both locally and internationally.
The establishment of the Ghana GoldBod will serve as a specialized agency dedicated to ensuring the effective marketing of Ghana’s gold resources. This will involve implementing a deliberate program aimed at formalizing gold trading within the small-scale sector and promoting traceability to enhance international acceptance and credibility. “Through these efforts, we aim to transform the gold sector into a more organized and transparent industry that can contribute substantially to our national development,” Dr. Forson emphasized.
The membership of the technical committee tasked with drafting the legal framework for GoldBod comprises a diverse group of experts and stakeholders in the gold industry. Notable members include Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC); Marietta Agyeiwaa Brew, Legal Counsel to the President; and Dr. Abdul Baasit Aziz Bamba, a seasoned legal practitioner. Other members are Dr. Johnson Asiamah, Former Deputy Governor of the Bank of Ghana; Dr. Tony Aubyn, Former CEO of the Minerals Commission; and Joojo Kakra Bannerman, Head of Financial Markets at Standard Chartered Bank.
Additional committee members include Martin Kwaku Ayisi, CEO of the Minerals Commission; Joseph Iroko, a legal expert at the Minerals Commission; Eric Bukari, Manager of Small-Scale Mining at the Minerals Commission; and Paul Elikplim Bleboo, Deputy Manager of the Gold Desk at the Bank of Ghana. Kwabena Agyemang Barning, Chief Technical Officer of the Minerals Investment and Infrastructure Fund (MIIF); Mr. Ernest Asiedu Odami, Director of Corporate Planning at PMMC; Sharon Quaye, Head of Business Development at PMMC; and Mohammed Abubakar, Director of Finance at PMMC, also play crucial roles in the committee.
Furthermore, the committee includes Bernard Samuel Annan, Head of Field Operations at PMMC; Richard Kofi Afenu, a geologist, mineral economist, and private legal practitioner; Mr. Kwaku Effah Asuahene, Chairman of the Chamber of Bullion Traders in Ghana; Godwin Nichelsen Armah, General Secretary of the National Association of Small-Scale Miners; and Roger Kwakye, a gold trading consultant. Additionally, representatives from the Ministry of Finance and the Office of the Attorney-General will participate in the committee to ensure comprehensive legal oversight.
The creation of the Ghana GoldBod aligns with a broader vision to revolutionize the gold sector in Ghana, addressing long-standing challenges and inefficiencies in the industry. By formalizing gold trading practices and enhancing regulatory oversight, the government aims to create a more equitable environment for small-scale miners and other stakeholders in the gold supply chain.
Dr. Forson reiterated the importance of collaboration among various stakeholders to achieve the goals set forth by the GoldBod initiative. He encouraged the committee members to work diligently in crafting a robust legal framework that will facilitate the effective management of Ghana’s gold resources while ensuring compliance with international standards.
The Ghana GoldBod initiative represents a significant step forward in the government’s commitment to harnessing the country’s mineral wealth for sustainable economic development. By focusing on local value creation and optimizing the gold value chain, Ghana aims to increase its competitiveness in the global gold market, attracting both local and foreign investments.
As the technical committee embarks on this critical task, the eyes of the nation and the global community will be on the developments within the gold sector. The establishment of the Ghana GoldBod is expected to set a precedent for how the country manages its natural resources and engages with the international market.
In conclusion, the Ghana GoldBod initiative spearheaded by Dr. Cassiel Ato Forson represents a transformative approach to managing Ghana’s gold resources. By prioritizing local value addition and enhancing transparency in the gold trading process, the government seeks to maximize the benefits derived from this valuable resource.
The work of the technical committee will be crucial in laying the groundwork for a thriving gold sector that contributes significantly to Ghana’s economic growth and development in the years to come.
