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

Finance Minister Dr. Cassiel Ato Forson announced a major change in Ghana's gold purchasing sector. The Ghana Gold Board (GoldBod) now has exclusive authority over all gold trade from small-scale mining.

Dr. Forson spoke at the swearing-in ceremony for GoldBod's new Governing Board on May 19 in Accra. He explained that past issues led to gold smuggling and foreign exchange losses.

He stated, “I am happy to announce that the chaos in Ghana’s gold purchasing sector has come to an end.” Previously, multiple entities were involved in gold purchasing, including the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana (BoG).

These entities operated various schemes like “gold for forex” and “gold for oil,” leading to a fragmented sector with overlapping roles. Dr. Forson noted that even the Minerals Income Investment Fund (MIIF) faced financial losses while buying gold.

Under the new structure, GoldBod will manage all official gold trading. It is now the sole buyer and assayer of gold from small-scale mining. GoldBod also has the exclusive mandate to grant licenses for this trade.

Dr. Forson praised GoldBod’s early efforts in stabilizing Ghana's economy. He remarked that it has contributed significantly to stabilizing the Ghana Cedi through accumulating gold reserves.

This restructuring aims to streamline operations and maximize revenue from Ghana's valuable natural resources.