Dr. Cassiel Ato Forson, Ghana's Minister of Finance, has emphasized the critical role of the newly established Ghana GoldBod in unlocking the full economic potential of the nation’s gold resources.
Speaking on Monday, January 27, 2024, during the inauguration of the technical committee tasked with developing a legal framework for the Ghana Gold Board (GoldBod), Dr. Forson highlighted that the board's primary objective is to ensure Ghana maximizes the benefits of its abundant gold reserves.
The formation of Ghana GoldBod represents a significant step toward enhancing the management and utilization of the country’s gold resources. This strategic initiative is designed to unlock greater value within the gold sector and elevate Ghana’s position in the global gold market.
The agency will oversee gold mining, refining, and export activities while focusing on boosting local value creation and strengthening Ghana’s competitive advantage internationally.
Dr. Forson noted that the Ghana GoldBod initiative is expected to drive substantial economic growth, attract investments, and increase the country’s overall gold production.
“Historically, Ghana’s revenue from gold has primarily come from royalties and taxes. However, the full potential of our gold resources has not been realized. The time has come for Ghana to go beyond royalties and taxes by harnessing the entire value chain of gold production,” Dr. Forson stated.
He emphasized the need for Ghana to maximize the full benefits of its gold resources by optimizing every stage of the value chain, from extraction to refining, as well as adding value locally and internationally.
“The Ghana GoldBod will act as a specialized agency to market Ghana’s gold resources. This includes formalizing gold trading within the small-scale sector, promoting traceability, and ensuring international acceptability,” he added.
Technical Committee Members
The technical committee includes experts and stakeholders from various sectors, tasked with laying the foundation for the establishment of the Ghana GoldBod:
• Sammy Gyamfi – Acting Managing Director, PMMC
• Marietta 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 Annan – Head of Field Operations, PMMC
• Richard Kofi Afenu Esq. – Geologist, Mineral Economist, and 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
• Representatives from the Ministry of Finance and the Office of the Attorney-General.
This initiative is expected to redefine Ghana’s gold industry and position the country as a key player in the global gold value chain.