CLGB Applauds Passage of GoldBod Act, Embraces New Era in Ghana’s Gold Industry
Source: Kofi Adu Domfeh
The Chamber of Licensed Gold Buyers (CLGB) has welcomed the approval and signing of the Ghana Gold Board (GoldBod) Bill into law, describing it as a transformative step for Ghana’s gold sector.
With this new legislation, the GoldBod has been established as the sole entity responsible for the purchase, assaying, and export of gold in Ghana. The CLGB believes this marks a significant milestone in reshaping the country’s gold industry and enhancing its contribution to national economic development.
Mr. Kwaku Amoah, CEO of the CLGB, described the law as a bold and strategic initiative with the potential to stabilize the cedi, create employment, and increase government revenue. He highlighted the importance of the GoldBod in improving governance and financial management within the sector, noting that the CLGB fully supports the agency’s mission and objectives.
The CLGB, which represents and empowers licensed gold buyers in Ghana, expressed its readiness to collaborate with GoldBod in implementing the new regulatory framework. The Chamber said it would actively educate its members—over 500 certified buyers—on the provisions of the GoldBod Act to ensure compliance and a smooth transition.
A statement released by the Chamber emphasized that the establishment of GoldBod provides an opportunity for all stakeholders to work collectively to maximize the economic potential of Ghana’s gold resources. It called on miners, gold dealers, and the wider public to support the initiative, which is expected to bring greater transparency and efficiency to the industry.
The Chamber also emphasized the importance of GoldBod in the fight against illegal gold trading and smuggling. According to Mr. Amoah, by centralizing gold purchasing and exports, Ghana will be better positioned to account for its gold output, ensure accurate valuation, and prevent losses through illegal channels.
The CLGB sees this new era as a chance to promote sustainable mining practices and improve regulatory oversight. The Chamber noted its willingness to offer expert input and help resolve any challenges that may arise during the implementation of the GoldBod Act.
Mr. Amoah expressed confidence that the GoldBod would significantly strengthen the gold industry by enforcing accountability, transparency, and lawful operations. He said the CLGB remains dedicated to partnering with the government and GoldBod to build a resilient and prosperous gold sector.
As one of Africa’s top gold producers, Ghana stands to benefit immensely from the successful implementation of the GoldBod Act. The CLGB believes this legislative change has arrived at an opportune time to enhance the value of gold to the national economy and reduce reliance on foreign currency, particularly in stabilizing the Ghanaian cedi.
In closing, the Chamber reaffirmed its commitment to the success of GoldBod and encouraged all players in the gold ecosystem to align with the new structure for the benefit of the country. Mr. Amoah stated that this collaborative effort will usher in a new era of growth, efficiency, and shared prosperity in Ghana’s gold industry.
blogpay
Total Comments: 0