The Finance Minister, Dr. Cassiel Ato Forson on Monday, January 27, 2025, inaugurated a Technical Committee to spearhead reforms in Ghana’s gold sector.
The committee is tasked with drafting a legal framework and developing an operational structure for the establishment of the Ghana Gold Board, commonly referred to as GoldBod.
Speaking at the inauguration ceremony, Dr. Forson emphasized the critical role of the gold sector in Ghana’s economy and the need for robust governance structures to maximize its potential.
“The Ghana Gold Board will provide a transparent and efficient mechanism to regulate the production, trading, and export of gold, ensuring that the country derives maximum benefit from its natural resources,” he stated.
The Technical Committee, comprising experts from various sectors, will focus on developing a comprehensive strategy to address challenges in the gold sector, including illegal mining, revenue leakages, and governance inefficiencies.
The legal framework they draft will serve as the foundation for the Gold Board’s establishment, which is expected to streamline operations in the sector and boost government revenues.
Ghana, the largest gold producer in Africa, has faced challenges with the regulation and management of its gold resources, particularly concerning illegal mining activities, commonly known as “galamsey.”
The establishment of the Ghana Gold Board is part of broader reforms aimed at addressing these issues while ensuring the industry remains globally competitive.
Dr. Forson urged the committee to deliver actionable recommendations within the stipulated timeline, signaling the government’s commitment to implementing the reforms promptly.
“This marks a significant milestone in our journey towards creating a well-regulated and thriving gold sector,” he added.
The move has been welcomed by stakeholders in the mining industry, who see the establishment of GoldBod as a critical step toward improving transparency, curbing illegal activities, and fostering sustainable growth in the sector.
The Ghana Gold Board, once operational, is expected to function as a centralized authority overseeing all aspects of the gold industry, from licensing and monitoring to sales and export regulation.
