Chaos in Ghana’s Gold trade has come to an end — Ato Forson declares

Finance Minister Dr. Cassiel Ato Forson announced a major policy change in Ghana's gold trade. He stated that confusion and inefficiencies in the industry have been resolved.

He spoke at the swearing-in ceremony for the new Governing Board of the Ghana Gold Board (GoldBod) on May 19 in Accra. The minister emphasized that the long-standing disarray has ended. This change will help Ghana fully benefit from its gold resources.

“I am happy to announce that the chaos in Ghana’s gold purchasing sector is over,” he said. Dr. Ato Forson acknowledged past mistakes, especially with the Minerals Income Investment Fund (MIIF). He noted that MIIF strayed from its main responsibilities.

“MIIF ventured into gold buying and incurred significant financial losses,” he explained. Now, the Ghana Gold Board has exclusive authority over small-scale mining gold trade. They will handle both purchasing and regulatory functions.

“The Ghana GoldBod is now the sole buyer and assayer of gold,” Dr. Forson affirmed. They also have the exclusive mandate to grant licenses for trading small-scale mining gold.

He highlighted early achievements of the restructured GoldBod. It has contributed to economic stability, particularly for the local currency.

“Distinguished members of the Board, I am pleased to see that GoldBod has already begun fulfilling its objectives,” he noted. The board's efforts have helped stabilize the Ghana Cedi through accumulating gold reserves.