The Finance Minister, Dr Cassiel Ato Forson on Monday, May 19, inaugurated the board of directors of the Ghana Gold Board (GoldBod), marking a significant step in the government’s efforts to formalise and regulate the nation’s gold sector. 

This initiative, a key component of President John Dramani Mahama’s economic strategy, aims to streamline gold trading, curb illegal activities, and enhance foreign exchange inflows. 

Dr Forson highlighted the fragmented nature of the current gold market, noting that numerous individuals and entities operate without proper regulation, leading to widespread smuggling and loss of revenue. 

The GoldBod is envisioned to act as the sole buyer, seller, assayer, and exporter of gold from licensed small-scale miners, ensuring traceability and compliance with international standards .    

The establishment of the GoldBod is also seen as a strategic move to stabilise the Ghanaian cedi and bolster the country’s foreign reserves. 

Dr Forson emphasised that the board would oversee the entire gold value chain—from extraction to refining and marketing—both locally and internationally. 

To support its operations, the government has allocated $279 million as a revolving fund, enabling the purchase and export of at least three tonnes of gold per week from small-scale miners. 

SPEECH DELIVERED BY THE FINANCE MINISTER, DR. CASSIEL ATO FORSON AT THE INAUGURATION OF THE GOVERNING BOARD OF THE GOLDBOD TODAY

Esteemed Chairman and members of the Board of Directors of the Ghana Gold Board (GoldBod);

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