Mining Consultant Warns against state-sponsored galamsey in GoldBod’s gold purchase plan

Wisdom Edem Gomashie, Special assistant to Deputy Minister of Mines and Natural Resources George Mireku Duker

Mining  consultant Ing. Wisdom Gomashie has raised concerns over the Ghana Gold Board (GoldBod’s) plan to purchase three tonnes of gold per month from small-scale miners.

He insists that such an initiative must be accompanied by a clear sourcing strategy and an environmental impact assessment to prevent it from becoming a form of state-sponsored galamsey.

Call for Transparency in Gold Sourcing

GoldBod’s ambitious plan to streamline gold purchases from small-scale miners has been welcomed as an effort to boost the country’s gold reserves and formalize the artisanal mining sector.

However, Gomashie warns that without a well-defined framework for sourcing the gold, the initiative could inadvertently encourage illegal mining and environmental degradation.

“Where exactly will GOLDBOD source three tonnes of gold every month? If this is not carefully planned and monitored, we may end up financing galamsey operations under the guise of government regulation,” he cautioned.

He further stressed that small-scale mining is a major contributor to deforestation and water pollution, and without a comprehensive environmental impact assessment (EIA), the plan could do more harm than good.

A Warning Against Market Monopoly

Gomashie also criticized any move by GoldBod to become the sole buyer and exporter of gold in Ghana, warning that such a monopoly could stifle competition, distort market dynamics, and backfire within six months of implementation.

“You can pass a law making GoldBod the exclusive buyer, but you may regret it in six months. A controlled market often leads to inefficiencies, corruption, and resistance from industry players. Let the market remain open,” he advised.

Balancing Regulation and Market Freedom

While acknowledging the importance of regulating gold purchases, Gomashie argues that Ghana’s gold trade should remain competitive, allowing private sector participation to drive efficiency and ensure fair pricing for small-scale miners.

He urged policymakers to strike a balance between regulation and market openness, ensuring that GoldBod’s role supports the industry rather than dominating it.

As Ghana seeks to maximize its gold resources, industry experts like Ing. Wisdom Gomashie are calling for a transparent, well-regulated, and environmentally responsible approach to gold procurement—one that supports small-scale miners without fueling illegal activities or harming the nation’s natural resources.

Source: ghextractives.com