The Minister for Finance, Dr. Cassiel Ato Forson has inaugurated the Ghana GoldBod Technical Committee.

The Goldbod is a flagship programme 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 optimise the gold value chain, formalise gold trading, and curb illegal activities in the sector. 

At a ceremony in Accra to inaugurate the committee, Dr. Forson emphasised the need for a coordinated approach to address challenges in the gold sector. 

“This will involve the implementation of a deliberate programme to formalise 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 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 criticised the Minerals Income Investment Fund (MIIF) for deviating from its primary mandate and venturing into gold buying, which has resulted in significant financial losses. 

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.”

The Technical Committee comprises experts from various government agencies and private sector stakeholders, including: 

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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