Godwin Nickleson Amarh, General Secretary, Ghana National Association of Small-Scale Miners
Players in the gold trading sector have overwhelmingly endorsed the establishment of the Ghana Gold Board (GOLDBOD) and its stated objectives, expressing optimism that it will be a game-changer for the economy and fiscal space.
GOLDBOD aims to streamline the gold trading sector, and stakeholders—including gold buyers, jewelers, bullion traders, small-scale miners, licensed gold exporters, banks, and commercial mining firms in the Western Region, believe it will yield maximum benefits for the country, particularly in foreign exchange, stabilizing the cedi, and accumulating more reserves.
At a forum organized by the Precious Minerals Mining Company (PMMC) in Tarkwa on Friday, March 14, 2025, gold dealers expressed optimism about GOLDBOD’s potential and urged the government to fast-track its establishment.
However, they cautioned the government to ensure fair representation of players in the gold trading sector on the governing board.
They also called for the inclusion of traditional leaders and members of academia on the board.
Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM) and a member of the GOLDBOD Technical Committee, assured stakeholders that while they fully support the establishment of GOLDBOD, they are particularly concerned about degraded lands.
He pledged that they would collaborate with GOLDBOD to ensure all degraded lands are restored.
He also allayed fears among small-scale miners that the pricing of gold would be unfair once GOLDBOD becomes operational.
“GNASSM is fully represented on the Technical Committee of GOLDBOD and will ensure that gold pricing is fair, competitive, and aligned with the stringent London Bullion Market Association certification,” he stated.
Jonathan Ababio, representing the Jewelers Association, praised the provision in the draft legislation to retain a percentage of gold purchases and supply machinery to add value to their products.
“We cannot continue doing things the same way and expect different results. The retention of a percentage of gold purchases in the country and the provision of machinery by the government to enable us to add value will allow us to break into the international market. This is good news for us,” he noted.
Alhaji Dauda, a licensed gold buyer, was particularly enthused about the allocation of US$279 million to GOLDBOD as a revolving fund for gold purchases.
He urged the government to ensure fair disbursement and timely release of the funds. He also called for gold to be bought at a commercial rate.
“The government must let the money flow so that our work can continue. There shouldn’t be any liquidity challenges that affect our operations. Let’s all support GOLDBOD to transform the gold trading sector,” he added.
Kwaku Effah Esuahene from the Chamber of Bullion Traders Association emphasized that GOLDBOD would help determine the amount of foreign exchange entering the country’s accounts and urged stakeholders to support the government in preventing gold smuggling from taking over the sector.
The forum aimed to educate participants on the purpose, objectives, and functions of the soon-to-be-established GOLDBOD while seeking their cooperation.
Addressing the participants, Samuel Gyamfi, Managing Director of PMMC, reassured stakeholders that the establishment of GOLDBOD would benefit all players in the gold trading sector, not just a select few.
“By law, proceeds from gold sales under GOLDBOD will support miners and mining communities. We will supply them with mining equipment and machinery to boost their operations.
As part of GOLDBOD’s corporate social responsibility, we will build schools, roads, award scholarships, and provide clean water to mining communities. The entire country will benefit from this initiative,” he noted.
He explained that the government, through the Ministry of Finance, has set up the GOLDBOD Technical Committee to draft enabling legislation for the sector.
Samuel Gyamfi also highlighted the draft GOLDBOD Bill’s benefits, particularly its role in eliminating foreign gold smugglers, especially those from India and China, who have negatively impacted Ghana’s gold trade.
According to Bank of Ghana data, Ghana officially exported $11.64 billion worth of gold in 2024, a 53.2% year-on-year increase. Of this, $4.6 billion came from small-scale miners. However, reports indicate that the value of gold smuggled out of the country was nearly double this figure.
Samuel Gyamfi revealed that GOLDBOD would be the sole buyer of gold, operating through licensed aggregators and local traders. This initiative will prevent both local and foreign companies from purchasing gold outside approved regulatory frameworks. He also reassured stakeholders of fair and competitive pricing.
KA
Meanwhile, catch the first in the series of our special episodes on Forgotten Forts on People and Places on GhanaWeb TV below. This episode focuses on Fort Amsterdam at Abandze:
