Ghana to Establish Gold Board to Stabilize Currency and Maximize Gold Revenue

By Mo. Hanif 

Ghana is taking a decisive step to harness the full value of its gold resources with the creation of the Ghana Gold Board (GoldBod), an initiative aimed at stabilizing the national currency and maximizing gold revenue. The Finance Minister, Cassiel Ato Forson, announced this during the inauguration of a technical committee tasked with drafting the legal framework for the board.

“The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold. We must aspire to maximize the full benefits of our gold resources,” Forson told reporters, stressing the urgent need to formalize the gold industry.

Set to be launched in March, the GoldBod will function as the sole buyer, assayer, seller, and exporter of gold sourced from legal small-scale miners. This move is designed to address the fragmented nature of Ghana’s gold market, reduce smuggling, and ensure the full repatriation of foreign exchange earnings.

“In 2024 alone, Ghana exported nearly $5 billion in gold from legal small-scale mining. However, research indicates that the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure. This highlights the significant foreign exchange losses,” the minister noted.

The GoldBod will complement the regulatory role of the Ghanaian Minerals Commission by formalizing gold trading and enhancing traceability, ultimately ensuring Ghana maximizes the economic benefits of its gold resources. It also aims to achieve London Bullion Market Association (LBMA) certification, boosting Ghana's reputation as a reliable player in the global gold market.

“The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability, and pursue LBMA certification,” Forson emphasized, highlighting the broader impact on the economy.

With the establishment of the GoldBod, Ghana seeks to address longstanding challenges in the gold sector, combat illegal activities, and strengthen its economic foundation by leveraging one of its most valuable natural resources.