Ghana Gold Board Bill 2025 Presented to Parliament

The Ghana Gold Board Bill, 2025 has been presented by Finance Minister, Dr Casiel Ato Forson and read the first time in Parliament.

The bill seeks to establish the the, Ghana Gold Board to oversee, monitor and undertake the buying, selling and export of gold, promote value addition to gold resources of the contry and the responsible sourcing of gold, support the accumulation of gold reserves by the Bank of Ghana and generate foreign exchange for the country.

First Deputy Speaker, Bernard Ahiafor who presided over proceedings of the House on Wednesday 19, March 2025 accordingly refered the bill to the joint committees of Finance and Lands and Natural Resources for consideration and report to plenary.

A memorandum accompanying the bill noted that Ghana, is the current leading exporter of gold in Africa but does not derive optimal benefits from gold resources.

The total value of gold exports from the country in 2024 was USD$11.5 billion with the small scale mining sector contributing USD$4.6 billion representing 40% whiles the large-scale mining sector acconted for USD$6.9 billion reprsenting 60%.

Ghana’s revenue earnings from the gold sector has been largely limited to royalties and taxes with very minimal benefits from the trade in the commodity itself.

The country has also not been able to track foreign exchange inflows from gold exports, partcularly within the small-scale mining sector.

The proposed Ghana Gold Board is therefore expected to in a centralised manner restructure the gold marketing industry to optimise the economic returns of the commodity for the country .

When established, the Ghana Gold Board will replace the Precious Minerals Marketing Company with expanded mandate.

The Bill will go through second reading when the joint committee presents its report to pleanary for debate by Members of Parliament before it goes through the consideration stage and third reading before passage into law.

Backgrond

The Ghana Gold Board (GoldBod) was a major initiative promised by the National Democratic Congress (NDC) in its 2024 manifesto.

Upon winnig power, President John Dramani Mahama appointed , Mr Sammy Gyamfi as Acting Managing Director of PMMC and charged him to oversee the establishment of the Ghana Gold Board nder the supervision of the minister responsible for Finance.

 Source: naturalresourcesnews.com