Ghana’s gold industry is entering a bold new chapter with the establishment of the Ghana GoldBod—a regulatory authority created to bring transparency and structure to the artisanal and small-scale gold supply chain sub-sector.
What is The GoldBod?
The GoldBod, short for Ghana Gold Board, is the official body now responsible for the purchase, trade, value-addition, and exportation of gold produced by the country’s artisanal and small-scale mining (ASM) industry. The state regulator, which also operates as an enterprise, is backed by the Ghana Gold Board Act (Act 1140), passed in April 2025. This initiative reflects the government’s commitment to reforming and strengthening Ghana’s gold economy.
Why Was The GoldBod Created?
For years, Ghana’s rich gold deposits have been mined by thousands of small-scale miners. However, challenges such as illegal mining (“galamsey”), revenue loss, and limited oversight have hindered the sector’s growth. The GoldBod aims to correct this by serving as the single legal authority to regulate ASM (Artisanal and Small-Scale Mining) gold operations.
Key Mandates of The GoldBod:
- Serve as the exclusive buyer and exporter of ASM gold.
- Ensure all gold trading within Ghana follows strict regulatory and financial standards.
- Increase government revenue and secure fair returns for licensed miners.
- Remove foreign traders from local ASM gold markets while creating structured pathways for international offtakers.
- Support the fight against illegal mining through regulation and traceability.
GOLDBOD TIMELINE
Inauguration of the Goldbod Establishment Technical Committee
The Finance Minister, Dr. Cassiel Ato Baah Forson, inaugurated a technical committee on February 28, 2025. tasked with establishing the Ghana Gold Board. The committee’s primary objective was to develop a comprehensive regulatory framework, governance structure, and operational strategies for the proposed Goldbod.
This is a key initiative of President John Dramani Mahama aimed at maximizing the nation’s gold resources and stabilizing its currency.
Speaking at the inauguration, Finance Minister Dr. Cassiel Ato Forson described the initiative as a bold step toward addressing inefficiencies in Ghana’s gold sector.
The GoldBod will enable us to harness the entire value chain of gold production, from extraction to refining, value addition, and marketing, both locally and internationally.
Dr. Cassiel Ato Forson (Finanace Minister, Ghana)“The Ghana Gold Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost” he underscored.
Goldbod Establishment Technical Committee Engages Industry Stakeholders
The Goldbod Technical Committee, led by the Ag. Managing Director of the PMMC, Sammy Gyamfi Esq. held a productive engagement with key stakeholders in the gold industry on February 12, 2025 to solicit their views on the legal framework for the soon-to-be-established Ghana Gold Board in Accra. Smaller-sized stakeholder engagements were subsequently held in three other regions in the days that followed.
Participating stakeholders included the leadership of the National Association of Small Scale Miners, Concerned Small Scale Miners Association, Chamber of Mines, Chamber of Bullion Traders, Jewellers and Gold Dealers Association, CSOs in the Extractive sector, among others.
The committee expressed their profound gratitude for the invaluable contributions of all participants and promised to engage them further in the process of building a fit for purpose institution, the Goldbod.
Finance Minister presents Draft Bill to Attourney General
On behalf of the Goldbod Establishment Technical Committee, the Finance Minister presented the Goldbod Draft Bill to the Attourney General, who doubles as the country’s Minister for Justice on February 13, 2025.
Subsequently, the Attorney-General, in collaboration with the Minister of Finance, the Minister of Lands and Natural Resources, and the Managing Director of the Precious Minerals Marketing Company (PMMC), presented the finalized bill to the President and Cabinet for approval by February 21, 2025.
The Goldbod Bill is Presented to Parliament
The Ghana Gold Board Bill 2025 was presented to Parliament on March 19, 2025. Following its introduction, First Deputy Speaker Bernard Ahiafor referred the bill to the Finance and Lands and Natural Resources Committees for further review and reporting.
Honourable members, the Ghana Gold Board Bill 2025 is presented and read for the first time and accordingly referred to the Finance Committee for consideration and reports
Bernard Ahiafor, (First Deputy Speaker Parliament of Ghana)
The Parliament of Ghana Passes the Goldbod Bill
Parliament passed the Ghana Gold Board Bill 2025 into law on March 29, 2025. Sammy Gyamfi, the CEO of PMMC, disclosed that there had been extensive consultations and engagements throughout the drafting process to ensure that it is well-equipped to address the complex dynamics of the gold industry.
“We have made more than 40 amendments to the bill and relayed it in Parliament and the old one had been withdrawn.
Sammy Gyamfi, CEO, Goldbod
Mr. Gyamfi stated that substantial amendments had been made by the members of Parliament. He further disclosed that the previous version of the bill had been withdrawn to make way for these amendments, indicating a clear commitment by Parliament to refine the legislation before its passage.
The President Assents to the Goldbod Bill
Televised from the Flagstaff House, President John Dramani Mahama the GoldBod Act received presidential assent on April 2, 2024, This officially paved the way for the establishment of GoldBod infrastructure and systems.
This sets up GoldBod to streamline Ghana’s gold sector, including our exports, to ensure that the country earns more value for money from our gold mining operations.
H.E. John Dramani Mahama (President, Republic of Ghana)
Stay Tuned
TheGhanaGold.com would monitor and provide subsequent updates on the Ghana GoldBod– including ongoing analysis from industry minds on its potential to reshape Ghana’s mining landscape.
Subsequently, comprehensive breakdowns shall be published on the decisions, operations, and licensing processes, and the overall evolution of the Goldbod, and the implications for gold miners, traders, investors, the local industry, and the country’s economy.
