A mining consultant, Wisdom Edem Gomashie, has raised concerns over the Ghana Gold Board (GOLDBOD), cautioning that without stringent measures, the initiative could become a state-backed channel for illegal small-scale mining, commonly known as galamsey.
Speaking in an interview, Mr. Gomashie acknowledged the potential benefits of GOLDBOD but emphasized the need for transparency and accountability in its operations.
“The initiative is commendable because it centralizes gold trading activities and builds upon previous policies such as the gold-for-oil and domestic gold-buying initiatives,” he stated.
His concerns follow Finance Minister Dr. Cassiel Ato Forson’s announcement in the 2025 budget that GOLDBOD will purchase and export at least three tonnes of gold per week from small-scale miners.
However, Mr. Gomashie questioned the feasibility of this target, particularly in terms of responsible gold sourcing.
“In 2024, Ghana exported over four million ounces of gold, with large-scale miners accounting for about 2.9 million ounces—approximately 83 tonnes—while small-scale miners contributed around three tonnes per month. The NDC even alleged that most of this gold came from galamsey sources,” he noted.
“But now, GOLDBOD aims to acquire 12 tonnes per month. What will be different this time? What responsible sourcing strategies are in place? How many small-scale miners are properly registered, and where is the data to support this initiative?” he questioned.
Mr. Gomashie further urged regulatory bodies, including the Minerals Commission, Water Resources Commission, and the Environmental Protection Agency (EPA), to conduct thorough environmental impact assessments before the initiative is implemented.
“The regulators must ensure GOLDBOD understands the environmental impact of its projections. Otherwise, the fight against galamsey will become even more challenging,” he warned.
Additionally, he raised concerns over reported plans to collateralize Ghana’s gold reserves, urging authorities to clarify how the initiative aligns with national interests.
As the government moves forward with GOLDBOD, industry experts continue to call for greater oversight to prevent unintended consequences that could undermine efforts to combat illegal mining.
