Finance Minister inaugurates GoldBod Technical Committee to deliver operational framework
SourceWinston Tackie
BusinessNews
January 28, 2025 8:25 am
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The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated the Ghana GoldBod Technical Committee, a flagship program under President John Mahama’s administration aimed at achieving currency stability through the structured purchasing and management of the country’s gold resources.
The initiative seeks to optimize the gold value chain, formalize gold trading, and curb illegal activities in the sector.
At a ceremony in Accra to inaugurate the committee, Dr. Forson emphasized the need for a coordinated approach to address challenges in the gold sector.
Dr. Cassiel Ato Forson
“This will involve the implementation of a deliberate program to formalize gold trading from the small-scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold from Ghana,” he said.
Dr. Forson highlighted the fragmented nature of the gold market, noting that numerous individuals and entities with export or gold-buying licenses operate in the market without proper regulation.
“Numerous individual Ghanaians and foreigners with export licenses and/or gold-buying licenses are active in the gold purchases and export market. This fragmented, uncoordinated, and unregulated system has led to widespread gold smuggling and deprived the state of much-needed foreign exchange. To address these issues, the Ghana GoldBod will be mandated to regulate and streamline the sector.”
He also criticized the Minerals Income Investment Fund (MIIF) for deviating from its primary mandate and venturing into gold buying, resulting in significant financial losses.
Samuel Gyamfi, Managing Director of PMMC
The Managing Director of the Precious Minerals Marketing Company (PMMC), Samuel Gyamfi, expressed confidence in the Technical Committee’s ability to deliver on its mandate.
“Members of the committee, who have been assembled, have the needed expertise and experience to produce the operational framework that is fit for purpose and can deliver the outcomes required for the establishment of the GoldBod,” he stated.
The Technical Committee comprises experts from various government agencies and private sector stakeholders, including:
Mr. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
Sharon Quaye – Head of Business Development, PMMC
Mohammed Abubakar – Director of Finance, PMMC
Bernard Samua M Annan – 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
Dr. Cassiel Ato Forson
The committee has been tasked with developing a proposed bill and operational framework for the GoldBod initiative. The timelines for their work are as follows:
Constitution of Technical Committee – 27th January 2025
Brainstorming Session – 28th to 29th January 2025
Drafting of Proposed Ghana GoldBod Framework – 30th January to 4th February 2025
Presentation of Proposed GoldBod Bill and Amendments – 5th February 2025
Commencement of Business by Ghana GoldBod – 8th March 2025
The GoldBod initiative represents a significant step toward harnessing Ghana’s gold resources for economic stability and growth.
By formalizing and regulating the gold trade, the government aims to curb smuggling, enhance foreign exchange earnings, and ensure the sector’s long-term sustainability.
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