The Gold Board is expected to begin operations by March 8, 2025, following the completion of the , which is set to formalize the Board’s role in overseeing the gold trade, particularly from small-scale miners.

Finance Minister Dr. Cassiel Ato Baah Forson, who inaugurated the committee on Monday, outlined the board’s key objectives. The Gold Board will serve as the sole buyer of gold from legal small-scale miners in Ghana. It will also manage the trading, assaying, and exporting of gold within the sector, ensuring better traceability and adherence to international standards. The Minister emphasized the importance of the board achieving London Bullion Market Association (LBMA) certification as soon as possible, to place Ghana firmly on the global gold trading map.

Dr. Forson also emphasized the broader economic benefits of formalizing the gold sector, particularly in ensuring currency stability through better management of Ghana’s gold resources. “The Gold Board will not only streamline operations but also protect Ghana’s gold industry from the illegal gold trade, which has plagued the sector for years,” he said.

The establishment of the Gold Board has been hailed as a vital step in curbing the illegal mining practices that have often led to exploitation and environmental degradation. By bringing small-scale miners into a formalized and regulated framework, the Gold Board aims to ensure that miners comply with environmental standards and government regulations.

Commenting on the committee’s formation, , one of its members, expressed confidence that the team would deliver within the set timeline. He stressed the committee’s commitment to adopting a consultative approach and working with various stakeholders, including the Ministry of Finance and the Minerals Commission. The goal is to create a legal, organized structure for Ghana’s gold sector that will benefit both the miners and the broader economy.

The new committee includes a range of experts, including legal practitioners, economists, and officials from key government institutions. Among them is , the Legal Counsel to the President, who expressed optimism about the potential impact of the Gold Board on the country’s gold sector.

The creation of the Gold Board marks a long-awaited shift towards formalizing Ghana’s gold trade, a move that could boost the sector’s contribution to the national economy. The initiative is expected to foster more sustainable practices within the industry and ensure that Ghana’s gold is traded and exported under internationally recognized standards. This initiative could also attract foreign investment, which has been hindered by concerns over the illegal gold trade and lack of regulation.

For small-scale miners, who have often been marginalized in the global gold market, the Gold Board offers a structured, transparent system that could improve their livelihoods. By formalizing gold trading and ensuring fair prices, the government aims to lift thousands of miners out of the informal sector and provide them with the resources to operate safely and profitably.

With the committee tasked with completing the bill and setting the framework in motion, it’s clear that Ghana is serious about transforming its gold sector. The success of the Gold Board could not only elevate Ghana’s status as one of the world’s top gold producers but also provide a model for other countries looking to formalize their small-scale mining industries.