Former Minister of Lands and Natural Resources, Samuel Abu Jinapor
The Member of Parliament for Damongo Constituency, Samuel Abu Jinapor, has called on the government to clarify issues relating to the proposed Gold Board.
The former Minister of Lands and Natural Resources said the concept raises more questions than answers, and the government must provide clarity to sustain investor confidence in the country’s mining sector.
The Gold Board is one of the governing National Democratic Congress’ (NDC) manifesto promises for the mining sector.
Despite being described as one of the government’s top priorities for economic revitalization, the concept remains unclear to several actors in the mining industry.
On January 27, 2025, the Finance minister, Dr. Cassiel Ato Baah Forson, inaugurated a technical committee to develop a framework for establishing the Gold Board.
Speaking at the inauguration, Dr. Ato Forson said the Gold Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports.
President John Dramani Mahama, in his maiden State of the Nation Address, also stated that the Board will ensure effective governance of the gold industry.
Some of these statements have raised concerns among industry players regarding the function of the Gold Board, given that specific state institutions already have the legal mandate to regulate this sector.
In a statement posted on his Facebook page, the former minister responsible for the sector questioned the relevance of the proposed Gold Board.
He noted that the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana are the principal state agencies responsible for regulating the exploitation, management, and utilization of the country’s gold resources and their proceeds.
“So now, what will be the mandate of this proposed Gold Board? How will it co-exist with time-tested and cardinal institutions such as the Minerals Commission?”
Mr. Jinapor also questioned whether the Government intends to strip the Minister for Lands and Natural Resources of statutory functions related to granting gold export licenses and whether the Bank of Ghana’s role in gold trade will be transferred to the proposed Gold Board.
This comes on the back of comments by the Governor of the Bank of Ghana, who stated that the Gold Board will take over the Bank’s Domestic Gold Purchase Programme once it is established.
Another concern raised by the former Minister is the suggestion that the Gold Board will be solely responsible for the purchase and export of gold, which could negatively impact private sector actors who have invested in the gold trade.
He called on the government to provide more clarity on the concept and to avoid duplicating the functions of existing state institutions.
“While it is welcome to implement additional measures and interventions to maximize benefits from our mineral resources, it is also important not to duplicate the mandate of institutions that are already performing these functions,” the statement said.
Mr. Jinapor noted that Ghana has made significant progress with its mining regulatory regime, which is highly respected globally, and cautioned that nothing should be done secretly or surreptitiously to undermine the country’s hard-won reputation in the sector.
Meanwhile, watch a video of AG’s remarks on Prof. Ameyaw-Akumfi’s arrest plus more others from the National Economic Dialogue 2025:
