At first glance, the name Ghana Gold Board might stir a sense of familiarity. Yes, rightly so. It echoes the state institution, Ghana Cocoa Board. But make no mistake: this is not about cocoa. This is Ghana Gold Board (GOLDBOD) a new institution charting a fresh path in Ghana’s gold sector.
Obviously, modelled in part after the regulatory structure of the Ghana Cocoa Board (COCOBOD) where COCOBOD exercises exclusive right over export of cocoa beans, the GOLDBOD is expected to oversee the entire gold value chain, including licensing, internal marketing, purchasing, sales, and export with particular focus on the Artisanal and Small-Scale Mining Sectors. This is expected to curtail the influence of shaddy activities of foreigners involved in the sector and smuggling networks that have long plagued the industry and deprived the nation of the needed revenue from gold.
Gold has long stood as the backbone of Ghana’s economy, playing a pivotal role in driving development and sustaining growth across multiple sectors. In 2019, the industry reached a historic peak, contributing approximately GH¢9.8 billion, with notable successes in 2023 and 2024 (another record year), as highlighted in an article by Doris Dokua Sasu on Statista.com. The sector’s robust performance, driven by both large-scale and small-scale mining operations, continues to bolster Ghana’s GDP and overall economic growth.
Despite the sector’s significant contribution to sustainable economic growth, growing concerns over environmental degradation and ecosystem disruption have cast doubt on its true value to long-term sustainable livelihoods.
Amid growing calls for responsible mining practices to safeguard the environment in mining communities, the 2024 election period saw the emergence of a bold vision for reform. Then-flagbearer of the National Democratic Congress, Mr. John Dramani Mahama, pledged to establish the Ghana Gold Board (GOLDBOD), a promise that has now materialised as a demonstration of commitment to the campaign promise.
In fulfilment of this passion, the Government of Ghana has passed the Ghana Gold Board Act, 2025 (Act 1140), formally establishing GOLDBOD as the regulatory authority for the gold industry. But beyond this major headway lies the onerous tasks of institutional and structural reforms to breathe a new ‘breath of life’ into the gold sector.
This novelty obviously marks a significant transition from the previous oversight role by the Precious Minerals Marketing Company (PMMC), ushering in a new era of transparent, streamlined governance and resilience.
The GOLDBOD seeks to address persistent revenue leakages, stamp out unregulated gold trade, and ensure that a greater share of Ghana’s natural wealth is channelled into national development. For foreign gold traders, and investors, the emergence of GOLDBOD represents a new era of accountability, marked by a firm commitment to lawful operations and regulatory compliance.
Sceptics of possible dire challenges ahead will probably have no basis to land their opinion. Under the vibrant leadership of the Chief Executive Officer, lawyer Sammy Gyamfi, the newly constituted GOLDBOD is brimming with fresh energy, zeal and a clear agenda to promote responsible mining in our communities. Confidence is indeed growing that this new structure will foster sectoral stability, value retention and job creation.
More than a structural change, the creation of GOLDBOD reflects a deeper commitment to safeguarding Ghana’s mineral wealth.
The Deputy Minister of Finance, Hon Thomas Ampem Nyarko, while lauding the painstaking processes leading to the promulgation of the Act, explained that the establishment of the GOLDBOD underscores President Mahama’s resolve to walk the talk and build a resilient, transparent and sustainable gold industry.
Early actions by the current Chief Executive Officer, Lawyer Sammy Gyamfi signal promising intent. Strategic frameworks and bold initiatives are being laid to ensure operational efficiency and long-term viability.
Typically, GOLDBOD has recently issued calls for competent professionals to fill critical positions across the organization, an indication of its commitment to strengthening human resource capacity to accelerate growth for the desired change. Additionally, with plans underway to establish and resource regional offices in key gold-producing areas, the GOLDBOD seeks a more responsive and grounded regulatory presence nationwide.
Clearly, GOLDBOD represents more than a rebranding of sector oversight. It is a paradigm shift which indicates a new way of thinking, translating into operational efficiency, resource mobilisation, and accelerated development. It aims to build a gold industry that is not only profitable but also transparent, inclusive and nationally beneficial.
Yet, a crucial challenge remains and that is, balancing the interests of government with those of mining communities and the pressing question of: what do these reforms mean for the communities that have long borne the brunt of mining, often left with nothing but degraded roads, contaminated water sources, and inadequate education and healthcare infrastructure? But what is more encouraging is that a closer look at the recent recruitment notices and policy outlines suggests that GOLDBOD intends to embed sustainability, traceability, and corporate responsibility into its operational modalities, potentially reshaping the legacy of mining in these communities to win support to even achieve more.
On 14th April 2025, GOLDBOD ‘launched’ full operations, following the announcement of new directives. These included declaring itself the sole buyer, assayer, and exporter of gold from licensed artisanal and small-scale miners; extending existing licenses granted by the PMMC or the sector Minister until 30th April 2025; and instructing all foreign traders to exit the local market by that date and reapply for licensing under GOLDBOD’s framework. This move, some industry watchers have described as proactive and apt to begin a process that is expected to sanitise the gold sector.
As Ghana embarks on this transformative journey, optimism abounds but the GOLDBOD story is still unfolding. It is already one of courage, clarity, and commitment. But then, regular sensitization on the provisions of the new law must be prioritised, alongside robust stakeholder engagements to ensure that all actors in the gold sector are well-informed and prepared for this new regulatory environment.
Indeed, time will tell. However, all signs point to a promising rebirth of Ghana’s gold sector, driven by visionary leadership and an unrelenting pursuit of excellence.
Surely, Ghana awaits the full benefits from its rich mineral deposits through the GOLDBOD and it is very reassuring that spring will be borne under the bright steps of the Chief Executive Officer, Lawyer Sammy Gyamfi and his strong team.
By David Asare Oduro – (A Teacher, Writer and PR Specialist- davidoduro29@gmail.com 0243521209
