Executive Director of the Institute for Liberty and Policy Innovation, Peter Bismark Kwofie, has voiced concerns over the establishment of the Gold Board and its explicit authority in being the only body to purchase gold.
He said the decision to make the board the only body to purchase gold from exporters, particularly the small-scale miners, will create a monopoly.
Mr Bismark Kwofie posited that gold dealers will earn less under the new arrangement than they would have selling the gold themselves.
Parliament has passed the Ghana Gold Board Bill 2025.
The Bill establishes the Gold Board to regulate the gold industry, enhance transparency and traceability, and boost foreign exchange earnings.
The GoldBod, according to the government, will revolutionise the gold industry by regulating operations, stabilising the cedi, and maximising revenue from our gold exports.
It will oversee the purchase, sale, and export of gold, generating revenue to stabilise the cedi.
Mr. Bismark Kwofie in his opinion said using the Ghana Cocoa Board as an example, private gold dealers will lose more than 60% income to the government.
He wrote in a Facebook post saying ‘’This is another monopoly. The Gold Exporters in the private sector will now sell to the government. The government will have the monopoly to decide the prices and export from Ghana. Gold dealers will earn less than what they could have earned if they export themselves. Taking a cue from the cocoa industry, at least private gold dealers will lose more than 60% income to the government. I am sure gold dealers have not seen the bleak outlook of their trade’’.
By: Rainbowradioonline.com/Ghan
