Ghana’s Finance Minister, Cassiel Ato Baah Forson, announced the creation of a technical committee on Tuesday to establish a legal framework for the Ghana Gold Board (GoldBod). This initiative, set to launch in March 2025, aims to stabilize the national currency while maximizing the economic benefits from the country’s gold resources. Ghana, Africa’s largest gold producer, has historically struggled to fully capitalize on the wealth generated from its gold sector, despite being one of the continent’s leading exporters.
In his inaugural meeting with the Ministry of Finance’s management on January 24, 2025, Forson highlighted the need for a more comprehensive approach to managing Ghana’s gold wealth. “The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold,” he stated, stressing that it is essential for the country to maximize the full benefits of its gold resources.
GoldBod’s primary function will be to streamline and control the gold trade by becoming the sole buyer, assayer, seller, and exporter of gold sourced from legal small-scale mining operations. This step is being taken to address the fragmented nature of Ghana’s current gold market, which is riddled with smuggling and significant revenue losses. Forson noted that in 2024, Ghana exported nearly $5 billion worth of gold from its legal small-scale mining sector. However, research suggests that gold smuggling from these operations could be almost double the official figure, leading to substantial foreign exchange losses.
The GoldBod will complement the regulatory work of the Ghana Minerals Commission and aim to enhance the traceability of gold within the country. A key goal is to formalize the gold trade from the small-scale mining sector and pursue London Bullion Market Association (LBMA) certification, an international recognition that could further improve the country’s gold trade standing.
Ghana’s total gold exports in 2024 reached $11.64 billion, a 53.2% increase from the previous year, according to data from the Bank of Ghana. The GoldBod initiative is expected to further solidify Ghana’s position as a major gold exporter and ensure that the country receives the full economic benefits from its gold sector.
In launching this initiative, Forson underscored that maximizing the value of Ghana’s gold resources is essential not only for economic stability but also for bolstering the nation’s currency in a volatile global market.
