Ghana aims to establish a Gold Board to regulate gold purchases from small-scale miners, enhance earnings, and minimize smuggling. The initiative, announced by Finance Minister Cassiel Ato Forson, seeks to maximize the nation's benefits from gold sales and stabilize the national currency. The Gold Board will serve as the sole buyer of gold, streamlining the sector and preventing illicit activities.
Ghana plans to launch a Gold Board to streamline gold purchases from small-scale miners, increase earnings and reduce smuggling, the west African country’s newly appointed finance minister Cassiel Ato Forson said on Monday.
Data from Ghana’s central bank showed that total gold exports for 2024 stood at $11.64 billion, a 53.2% year-on-year increase which helped nearly double Ghana’s trade surplus to $4.98 billion in 2024. “The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold … from extraction to refinery, value addition and marketing, both locally and internationally,” Forson said.The gold program will be implemented with the aim of pursuing the stringent London Bullion Market Association certification, which prohibits refiners from handling gold from sources contributing to human rights abuses, conflict, crime or environmental degradation.
GOLD MINING SMUGGLING GHANA ECONOMICS
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