The Ghana Gold Board (GOLDBOD) has received strong support from gold trading stakeholders, signaling potential economic benefits such as enhanced foreign exchange stability and environmental considerations. The forum discussed equitable governance, resource allocation, and combating gold smuggling, while emphasizing the need for local value addition in gold trading.
The establishment of the Ghana Gold Board (GOLDBOD) has gained overwhelming support from various stakeholders in the gold trading sector. This initiative is perceived as a significant opportunity for economic growth and is expected to enhance foreign exchange earnings and stabilize the cedi. Particularly, stakeholders include gold buyers, jewelers, small-scale miners, and banks, all of whom anticipate beneficial outcomes for the nation’s economy.
During a recent forum held by the Precious Minerals Mining Company (PMMC) in Tarkwa, participants expressed strong support for GOLDBOD’s establishment, urging the government to prioritize its development. However, they emphasized the need for equitable representation from all segments of the gold trading community on the governing board, including traditional leaders and academic representatives.
Godwin Nickleson Amarh, General Secretary of the Ghana National Association of Small-Scale Miners (GNASSM), reaffirmed the organization’s commitment to GOLDBOD, while raising concerns about the restoration of degraded lands. He promised collaboration to ensure environmental sustainability alongside fair pricing practices in the gold market.
Representatives from the jewelers’ community, such as Jonathan Ababio, praised the draft legislation which facilitates the retention of a percentage of gold purchases within Ghana. This provision is anticipated to support local manufacturing and propel access to international markets.
Alhaji Dauda, a licensed gold buyer, expressed excitement over the allocation of a US$279 million revolving fund for gold purchases, advocating for prompt disbursement to prevent liquidity issues that could disrupt operations. He underscored the necessity of commercial pricing for gold to benefit all traders involved.
Furthermore, Kwaku Effah Esuahene from the Chamber of Bullion Traders Association noted that GOLDBOD will play a crucial role in regulating foreign exchange inflows and called for collective efforts to combat gold smuggling, which threatens the sector’s integrity.
Addressing attendees, Samuel Gyamfi, Managing Director of PMMC, assured that GOLDBOD’s initiatives would favor all gold trading stakeholders. He highlighted legislative provisions that ensure proceeds from gold sales support mining communities through infrastructure improvements and educational opportunities.
Gyamfi also pointed out the detrimental effects of illegal gold smuggling and revealed that GOLDBOD would be the exclusive buyer of gold, operating primarily through licensed traders to ensure compliance with regulatory frameworks. This approach aims to streamline the gold trading process and ensure competitive pricing, fostering a robust gold sector in Ghana.
In conclusion, the initiative to establish the Ghana Gold Board (GOLDBOD) has been widely endorsed by stakeholders in the gold trading sector, highlighting its potential to significantly benefit the economy. Key discussions from the Tarkwa forum emphasized the importance of fair representation on the governing board, the ecological concerns regarding land degradation, and the need for improved gold pricing strategies. The commitment from various stakeholders and the government’s plans to support the gold sector’s growth indicate a promising future for Ghana’s gold industry.
Original Source: www.ghanaweb.com
