The Ghanaian government is establishing the Ghana Gold Board (GoldBod) to enhance the country's gold industry. This initiative aims to increase economic benefits from gold, reduce smuggling, and stabilize the national currency.
Key Functions of the Gold Board:
Centralized Gold Purchasing: GoldBod will act as the sole buyer of gold from legal small-scale miners through licensed aggregators and local traders. This centralized approach is designed to formalize the gold trade and ensure that transactions contribute to the national economy.
Exclusive Rights: The board will have exclusive legal rights as the sole assayer, seller, and exporter of gold purchased from small-scale miners. This consolidation aims to streamline operations and improve efficiency in the gold sector.
Complementary Role: GoldBod will complement, not replace, the regulatory functions of the Minerals Commission. Its focus will be on formalizing gold trading, promoting traceability, and pursuing certification from the London Bullion Market Association (LBMA).
Objectives of the Gold Board:
Enhancing Foreign Exchange Earnings: By formalizing the gold trade and reducing smuggling, the board aims to increase foreign exchange accumulation, which is vital for stabilizing the Ghanaian cedi.
Supporting Small-Scale Miners: The government plans to establish a revolving fund to purchase all gold produced by small-scale miners. This initiative is expected to inject liquidity into the sector and boost confidence among miners.
Pursuing International Certification: Achieving LBMA certification will place Ghana's gold on the global market, ensuring adherence to international standards and improving marketability.
The establishment of the Ghana Gold Board marks a significant step towards optimizing the country's gold resources, curbing illegal activities, and fostering economic growth. By streamlining the gold value chain and ensuring transparent practices, Ghana aims to solidify its position as a leading gold producer on the international stage.
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