Finance Minister, Dr. Cassiel Ato Forson, has presented the Ghana Gold Board Bill, 2025 to Parliament, marking a significant move toward optimizing the country’s gold resources.
The draft law, which was read for the first time, aims to establish the Ghana Gold Board—a regulatory body tasked with overseeing gold trade, enhancing value addition, and ensuring responsible gold sourcing.
Once operational, the Board will centralize the buying, selling, and exportation of gold, facilitate the accumulation of gold reserves for the Bank of Ghana, and boost foreign exchange earnings for the nation.
Gold Board Bill
Presiding over parliamentary proceedings on Wednesday, March 19, 2025, First Deputy Speaker Bernard Ahiafor referred it to the joint committees on Finance and Lands and Natural Resources for thorough examination and reporting to the House.
A memorandum attached to the proposed legislation stressed Ghana’s status as Africa’s top gold exporter, generating $11.5 billion in exports in 2024.
However, the country has not fully capitalized on its gold wealth, as revenues remain largely tied to royalties and taxes rather than direct trade profits.
The small-scale mining sector contributed $4.6 billion (40%), while large-scale mining accounted for $6.9 billion (60%).
Additionally, Ghana has struggled to track foreign exchange inflows from gold exports, particularly within small-scale mining operations. The proposed Gold Board is expected to restructure the gold marketing industry, ensuring better economic benefits for the country while enhancing transparency and oversight.
The Board will replace the Precious Minerals Marketing Company (PMMC) with an expanded mandate, making it a pivotal institution in Ghana’s gold sector. The Bill will proceed to a second reading once the joint committee submits its report, followed by deliberations and passage into law.
The Ghana Gold Board (GoldBod) was a key policy initiative outlined in the National Democratic Congress (NDC)’s 2024 manifesto. Following the party’s electoral victory, President John Dramani Mahama appointed Sammy Gyamfi as Acting Managing Director of PMMC, entrusting him with the task of spearheading the Board’s establishment under the supervision of the Finance Minister.
By Osumanu Al-Hassan/thenewsbulletin24.com