Dr. Cassiel Ato Forson, Minister of Finance, has underscored the strategic importance of the newly established Ghana Gold Board (GoldBod) in fully leveraging the country’s abundant gold resources for economic growth and global competitiveness.
Speaking at the inauguration of the technical committee tasked with draughting the legal framework for GoldBod on Monday, January 27, 2024, Dr. Forson noted that the board’s primary mandate is to optimise the benefits derived from Ghana’s gold sector.
“The Ghanaian economy has not realised the full benefits of its resources. Historically, revenue from gold has been limited to royalties and taxes. The time has come to expand beyond this by harnessing the entire value chain of gold, from extraction to value addition,” he stated.
GoldBod will oversee mining, refining, and export processes, focusing on local value creation and enhancing the traceability and international acceptability of Ghanaian gold. Dr. Forson stressed that the initiative is expected to boost economic growth, attract investment, and increase the country’s overall gold production.
Key Objectives of GoldBod:
- Formalise small-scale gold trading and ensure traceability.
- Promote local refining and value addition to maximise economic returns.
- Strengthen Ghana’s position in the global gold market.
Technical Committee Membership:
A team of seasoned professionals and experts will draft the legal framework for GoldBod, including:
- Sammy Gyamfi—Acting Managing Director, PMMC
- Dr. Tony Aubyn – Former CEO, Minerals Commission
- Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
- Marietta Agyeiwaa Brew—Legal Counsel to the President
- Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
- Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
- Representatives from the Ministry of Finance, Office of the Attorney General, Minerals Commission, Bank of Ghana, and small-scale mining associations.
Dr. Forson expressed confidence that GoldBod will serve as a transformative agency to unlock the full economic potential of Ghana’s gold sector, fostering sustainable growth and prosperity for the nation.
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