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Ted News Ghana Blog of Tuesday, 4 March 2025
Source: TEDDY VAVA GAWUGA
Samuel Abu Jinapor, Member of Parliament for Damongo Constituency, has called for greater transparency regarding the government’s proposed Gold Board, questioning its role within Ghana’s mining sector.
In a Facebook post, the former Minister for Lands and Natural Resources expressed concern over potential overlaps between the Gold Board and existing state institutions, including:
Ministry of Lands and Natural Resources
Minerals Commission
Minerals Income Investment Fund (MIIF)
Bank of Ghana
“So now, what will be the mandate of this proposed Gold Board? How will it co-exist with the time-tested and cardinal institutions such as the Minerals Commission?” he queried.
Government’s Justification for the Gold Board
On January 27, 2025, Finance Minister Dr. Cassiel Ato Baah Forson inaugurated a technical committee to develop a framework for the Gold Board. The government argues that the board aims to:
✔ Regulate the gold industry
✔ Stabilize the cedi
✔ Maximize revenue from gold exports
Additionally, President John Dramani Mahama, in his State of the Nation Address, emphasized that the board would strengthen gold sector governance.
Concerns from Industry Stakeholders
Despite government assurances, some industry players remain skeptical, especially after reports that the Gold Board may assume control of the Bank of Ghana’s Domestic Gold Purchase Programme.
Jinapor further cautioned against granting the Gold Board sole authority over gold purchases and exports, warning that this move could negatively impact private sector investors.
“While it is welcoming to implement additional measures to maximize benefits from our mineral resources, it is also important not to duplicate the mandates of institutions already performing these functions.”
Call for Transparency in Decision-Making
Jinapor stressed that Ghana has developed a globally respected mining regulatory regime, and any changes must be made with openness and public scrutiny.
“Nothing should be done in secrecy or surreptitiously to destroy Ghana’s hard-won reputation in this sector,” he stated.
As discussions continue, stakeholders are urging the government to provide clearer details on how the Gold Board will function without undermining existing institutions.
