The Deputy Minister-designate for Finance, Thomas Ampem, has indicated that the Gold Board initiative is something that the Minister of Finance, Dr. Cassiel Ato Forson, was passionate about.
During his vetting on Monday, February 24, 2025, he asserted that the board’s primary goal is to ensure Ghana maximises the benefits of its rich gold reserves.
The objective of the Gold Board, according to the government, will be to oversee the gold mining, refining, and export processes, with a focus on boosting local value creation and strengthening Ghana’s position in the international gold market.
Commenting on this, he stated that even though we have been recording a balance of payment surplus for the last couple of years, basic economics tells us that once we have a BOP, it should strengthen the local currency, but we are not seeing that.
‘’That brings into question what is really happening, and the suspicion is that the forex that we earn all does not come back to support the local currency. And so the concept of the Goldbod is going to be analogous to the COCOBOD, and it will be targeting the small-scale mining sector to make sure that the revenue we get from gold exports is used to support and strengthen the cedi.’’
According to the ruling government, the Ghana GoldBod initiative is expected to boost economic growth, attract investment, and increase the country’s overall gold production.
By: Rainbowradioonline.com/Ghana
