Dr. Cassiel Ato Baah Forson, the Finance Minister, established a technical committee on January 27, 2025, to create a framework for the Gold Board's establishment.
Dr. Ato Forson stated during the inauguration that the Gold Board's objectives are to control the gold industry, stabilize the cedi, and increase gold export earnings.
In his first State of the Nation Address, President John Dramani Mahama also stated that the Board will guarantee efficient management of the gold sector.
Given that certain governmental organizations have been legally mandated to regulate this business, some of these statements have caused industry participants to question the Gold Board's future role.
The former Minister in charge of the industry questioned the purpose of this proposed Gold Board in a statement that was shared on his Facebook page.
According to him, the main governmental bodies in charge of controlling the exploitation, management, and use of our gold resources and the money made from them are the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana.
What will the proposed Gold Board's mandate be, then? How will it get along with established, traditional organizations like the Minerals Commission?
Dr. Ato Forson stated during the inauguration that the Gold Board's objectives are to control the gold industry, stabilize the cedi, and increase gold export earnings.
In his first State of the Nation Address, President John Dramani Mahama also stated that the Board will guarantee efficient management of the gold sector.
Given that certain governmental organizations have been legally mandated to regulate this business, some of these statements have caused industry participants to question the Gold Board's future role.
The former Minister in charge of the industry questioned the purpose of this proposed Gold Board in a statement that was shared on his Facebook page.
According to him, the main governmental bodies in charge of controlling the exploitation, management, and use of our gold resources and the money made from them are the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana.
What will the proposed Gold Board's mandate be, then? How will it get along with established, traditional organizations like the Minerals Commission?
Mr. Jinapor also inquired as to whether the government plans to transfer all of the statutory responsibilities of the Bank of Ghana in the gold trade and the Minister for Lands and Natural Resources in the awarding of licenses for the export of gold to the proposed Gold Board.
This follows remarks made by the Bank of Ghana's governor, who stated that the Gold Board would assume control of the Bank's domestic gold purchase program after it is constituted.
The idea that the Gold Board will be exclusively in charge of buying and exporting gold worries the former minister as well since it will probably have an impact on private sector players who have made investments in the gold market.
This follows remarks made by the Bank of Ghana's governor, who stated that the Gold Board would assume control of the Bank's domestic gold purchase program after it is constituted.
The idea that the Gold Board will be exclusively in charge of buying and exporting gold worries the former minister as well since it will probably have an impact on private sector players who have made investments in the gold market.
He urged the government to clarify the idea and prevent public agencies from performing the same tasks twice.
In order to maximize the benefits of our mineral resources, it is welcome to implement additional measures and/or interventions. However, the statement also advised against duplicating the mandate of organizations that are already carrying out these responsibilities.
Mr. Jinapor stated that since Ghana's mining regulatory system has advanced and is well-respected worldwide, nothing should be done covertly or clandestinely to undermine Ghana's earned name in this field.
In order to maximize the benefits of our mineral resources, it is welcome to implement additional measures and/or interventions. However, the statement also advised against duplicating the mandate of organizations that are already carrying out these responsibilities.
Mr. Jinapor stated that since Ghana's mining regulatory system has advanced and is well-respected worldwide, nothing should be done covertly or clandestinely to undermine Ghana's earned name in this field.