Finance Minister Dr. Cassiel Ato Forson has declared a significant policy shift in the country’s gold trade sector, announcing that the confusion and inefficiencies that once plagued the industry have now been resolved.
Speaking at the swearing-in ceremony of the newly constituted Governing Board of the Ghana Gold Board (GoldBod) in Accra on Monday, May 19, the minister emphasized the end of a long-standing disarray that hindered the country’s ability to fully benefit from its gold resources.
“I am happy to announce that the erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources has come to an end,” he stated.
Dr. Ato Forson acknowledged past institutional missteps, particularly concerning the Minerals Income Investment Fund (MIIF), which had deviated from its core responsibilities.
“Despite its primary mandate to optimize mineral investment, MIIF also ventured into gold buying, incurring substantial financial losses,” he revealed.
He explained that the Ghana Gold Board has now been granted exclusive authority over the trade of gold derived from the small-scale mining sector, taking over both purchasing and regulatory functions.
“The Ghana GoldBod is now the sole buyer and assayer of gold, with exclusive mandate to grant licenses to engage in the trade of gold from Ghana’s small-scale mining sector,” Dr. Forson affirmed.
Highlighting the early achievements of the restructured GoldBod, he pointed to its contributions to economic stability, particularly regarding the performance of the local currency.
“Distinguished members of the Board, I am pleased to observe that the GoldBod has already began to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation,” he noted.
