Finance Minister Dr. Cassiel Ato Forson announced that the long-standing disarray has been resolved. Apexnewsgh.com
Speaking at the swearing-in ceremony of the newly constituted Governing Board of the Ghana Gold Board (GoldBod) in Accra on Monday, May 19, Dr. Forson declared that GoldBod would now hold exclusive authority over all trade involving gold sourced from the small-scale mining sector.
Reflecting on the previous issues plaguing the gold sector, Dr. Forson explained how the lack of coordination among various entities had inadvertently facilitated widespread gold smuggling and significant losses in foreign exchange for the country. “I am happy to announce that the erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources has come to an end,” he stated.
Previously, a multitude of organizations—including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana (BoG), and the Minerals Income Investment Fund (MIIF)—were involved in separate gold purchasing schemes, such as “gold for forex,” “gold for reserves,” “gold for oil,” and “gold for cash.” This fragmentation resulted in overlapping mandates and a poorly regulated sector.
Dr. Forson pointed out that despite MIIF’s primary mandate to optimize mineral investment, its involvement in gold buying had led to substantial financial losses. However, the newly structured GoldBod is stepping in to address these issues directly.
“Under the new structure, GoldBod has been given the exclusive role of managing official gold trading,” he announced. “The Ghana GoldBod is now the sole buyer and assayer of gold, with the exclusive mandate to grant licenses to engage in the trade of gold from Ghana’s small-scale mining sector.”
Commending the early efforts of GoldBod, Dr. Forson stressed its importance in contributing to the country’s economic stability. “Distinguished members of the Board, I am pleased to observe that the GoldBod has already begun to fulfill its objectives and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation,” he remarked.
The restructuring of the gold sector is anticipated to streamline trading operations and enable Ghana to maximize revenue from one of its most valuable natural resources, ensuring that the nation fully capitalizes on its rich gold deposits.
Source: Apexnewsgh.com
