Goldbod must focus on how to ensure compliance – Dr Stephen Ackah

Dr. Stephen Ackah is the Executive Director of the Ghana Gold Expo Foundation. He has urged the Ghana Gold Board (Goldbod) to focus on compliance in the gold trade.

Dr. Ackah believes that poor compliance standards hinder Ghana’s gold industry. He spoke during a discussion on JoyNews’ Newsfile programme on Saturday.

He stressed that improving compliance is crucial for enhancing the gold trade. This trade is one of Ghana's primary commodities.

Despite significant gold production, small-scale mining faces challenges due to negative perceptions. Dr. Ackah said, “We want to see how Goldbod can support compliance in our gold trade.”

He noted that Ghanaian gold is sent worldwide but faces issues with acceptance. None of the LBMA refineries accept small-scale mining gold due to its stigma.

This lack of certification and compliance leads to discrimination against Ghanaian gold. The stigma creates barriers for international market acceptance, limiting growth potential.

Dr. Ackah questioned how Ghana can achieve economic balance with such tags on its assets. He highlighted the long-term economic consequences of this issue for the country.