Ato Forson: Order restored in Ghana’s gold purchasing sector

Finance Minister Dr. Cassiel Ato Forson has announced that Ghana has resolved the longstanding disarray in its gold purchasing sector, with the Ghana Gold Board (GoldBod) now holding exclusive authority over all trade involving gold from the small-scale mining sector.

Speaking at the swearing-in ceremony of the newly constituted Governing Board of GoldBod in Accra on Monday, May 19, Dr. Forson explained that previous fragmentation and lack of coordination in the sector had facilitated widespread gold smuggling and caused significant foreign exchange losses for the country.

“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 detailed how, in the past, several entities—including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana (BoG), the Minerals Income Investment Fund (MIIF), private aggregators, and licensed exporters—were all involved in various gold-purchasing schemes such as “gold for forex,” “gold for reserves,” “gold for oil,” and “gold for cash.”

This, he said, resulted in a fragmented and poorly regulated sector with overlapping mandates.

“Despite its primary mandate to optimize mineral investment, MIIF also ventured into gold buying, incurring substantial financial losses,” Dr. Forson noted.

He affirmed that under the new structure, GoldBod has been given the exclusive role of managing official gold trading.

“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,” he stated.

Dr. Forson commended GoldBod’s early efforts and highlighted its contribution to economic stability.

“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 remarked.

The restructuring is expected to not only streamline gold trading operations but also ensure Ghana maximises revenue from one of its most valuable natural resources.