Finance Minister Dr. Cassiel Ato Forson has inaugurated a 21-member technical team to draft a legal framework for the Ghana Gold Board.
At the ceremony, the minister stated that GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalisation.
The Gold Board he noted will serve as a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
He lamented that Ghana has not achieved its full economic potential in gold and that it was about time we maximised the full benefits of our gold resources.
To achieve this, the minister said we must be prepared to optimise every aspect of the value chain.
“This involves optimising every stage of the value chain—from extraction to refining, value addition, and marketing, both locally and internationally.
The Ghana Gold Board will serve as a specialised agency for effective marketing of our gold resources.”
As part of its duties, the GoldBod will serve as a specialised agency for effective marketing of our gold resources.
The minister explained this will involve the implementation of a deliberate program to formalise gold trading from the small-scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold from Ghana.
In highlighting the duties of the GoldBod, the minister revealed that “It will act as the sole buyer of gold from the legal small-scale mining sector through licensed aggregators and local traders.
Upon its establishment, the GoldBod will also have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners.
The enabling legislation will clearly outline these mandates and amend relevant sections of the Minerals Commission’s export regulations and other ancillary legislations.
This will ensure 100% repatriation of forex from the export of gold from the small-scale mining industry to support our national currency.
The GoldBod will ensure strong monitoring and compliance measures, which will help curtail the black market and smuggling of gold.
It is important to note that the GoldBod will not assume the regulatory mandate of the Minerals Commission over the small-scale mining sector.”
The key objective of the GoldBod will be to formalise the trading of gold from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association (LBMA) certification.
The Government of Ghana will provide a revolving fund enough to PURCHASE ALL GOLD from the small-scale mining sector.
Below are the members of the technical committee, which is being chaired by the acting managing director of PMMC, Mr. Sammy Gyamfi.
- Sammy Gyamfi Esq. – Acting Managing Director, PMMC
- Marriettta Agyeiwaa Brew – Legal Counsel to the President
- Dr. Abdul Baasit Aziz Bamba – Legal Practitioner
- Dr. Johnson Asiamah – Former Deputy Governor, Bank of Ghana
- Dr. Tony Aubyn – Former CEO, Minerals Commission
- Joojo Kakra Bannerman – Head of Financial Markets, Standard Chartered Bank
- Martin Kwaku Ayisi – CEO, Minerals Commission
- Joseph Iroko – Legal, Minerals Commission
- Eric Bukari – Manager, Small Scale Mining, Minerals Commission
- Paul Elikplim Bleboo – Deputy Manager, Gold Desk, Bank of Ghana
- Kwabena Agyemang Barning – Chief Technical Officer, MIIF
- Mr. Ernest Asiedu Odami – Director, Corporate Planning, PMMC
- Sharon Quaye – Head of Business Development, PMMC
- Mohammed Abubakar – Director of Finance, PMMC
- Bernard Samuel nnan – Head of Field Operations, PMMC
- Richard Kofi Afenu Esq. – Geologist, Mineral Economist, Finance, Private Legal Practitioner
- Mr. Kwaku Effah Asuahene – Chairman, Chamber of Bullion Traders, Ghana
- Godwin Nichelsen Armah – General Secretary, National Association of Small-Scale Miners
- Roger Kwakye – Gold Trading Consultant
- A Representative from the Ministry of Finance
- A Representative from the Office of the Attorney-General
By: Rainbowradioonline.com/Ghana
