Thomas Nyarko Ampem
The Ghana Gold Board Bill has been read for the first time in Parliament, marking a significant step towards the establishment of the Ghana Gold Board.
The Bill seeks to regulate, oversee, and optimise the country’s gold industry, ensuring Ghana derives maximum economic benefits from its gold resources.
Ghana, currently Africa’s leading exporter of gold, recorded total gold export earnings of approximately $11.5 billion in 2024.
The government said the small-scale mining sector contributed $4.6 billion (40%) while large-scale mining operations accounted for $6.9 billion (60%).
Finance Minister, Dr. Cassiel Ato Forson, in the bill laid on his behalf by his deputy, Thomas Nyarko Ampem, indicated that despite these figures, the country’s revenue from gold has primarily come from royalties and taxes, with limited benefits from direct gold trade.
According to him, the existing structure of the gold market is fragmented, with multiple state agencies, including the Bank of Ghana, the Minerals Income Investment Fund, and the Precious Minerals Marketing Company, operating under different regulatory frameworks.
He explained that this had led to inefficiencies, inconsistencies, and revenue losses, particularly due to gold smuggling, weak enforcement of export regulations, and a lack of transparency in foreign exchange repatriation.
The Minister pointed out that the informal nature of the small-scale mining sector had also posed significant challenges, limiting Ghana’s ability to sell its gold on the London Bullion Market.
To address these issues, he said the Ghana Gold Board Bill proposes the creation of a central regulatory body to streamline gold trading, enhance transparency, and maximize foreign exchange inflows.
The Board will oversee the buying, selling, refining, and exporting of gold, ensure quality standards, and promote local value addition through the production of bullion, jewellery, and industrial gold products, he added.
Key provisions of the Bill include granting the Ghana Gold Board exclusive authority to purchase gold from small-scale miners and export gold.
It will also take over the functions of the Precious Minerals Marketing Company, (PMMC) implement measures to combat gold smuggling, and support environmentally responsible mining practices. The Bill will require amendments to the Minerals and Mining Act, 2006 (Act 703) and related regulations to align with the new framework.
A thirteen-member Board of Directors will govern the Gold Board, comprising representatives from the Ministries of Mines and Finance, the Bank of Ghana, the Minerals Commission, and both small-scale and large-scale mining sectors.
Additionally, a Chief Executive Officer will be appointed to manage the day-to-day operations of the Board.
The Bill also makes provisions for the financial sustainability of the Gold Board, allowing it to generate revenue through fees, penalties, investments, and other financial mechanisms. It will have the authority to secure loans and other funding to support its operations.
According to the Minister, once operational, the Ghana Gold Board will be tasked with ensuring that all gold produced in the country is properly accounted for, significantly reducing illicit gold trade and improving Ghana’s access to international bullion markets.
The introduction of the Bill is expected to provide a more structured and economically beneficial approach to gold trade, fostering long-term economic growth and sustainability within the sector.
The Bill will now undergo further deliberation in Parliament before its potential enactment into law.