The National Concerned Association of Small-Scale Miners, Ghana (NCSSMAG) has fully supported the Mahama government’s decision to establish a Gold Board (GoldBod) to regulate gold trading for small-scale miners.
The NCSSMAG endorsement, comes as the Member of Parliament (MP) for Damongo Constituency, Samuel Abu Jinapor, has called on the Government to clarify issues relating to the proposed Gold Board.
The former Minister for Lands and Natural Resources, said the concept raises more questions than answers, and the Government must clarify the issues to sustain investor confidence in the country’s mining sector.
In a statement issued yesterday, Tuesday, March 4, 2025, NCSSMAG, described the initiative as long overdue, noting that it will ensure fair pricing, eliminate foreign buyers’ exploitation, and optimise national benefits from the small-scale mining sector.
According to NCSSMAG, the transparent and consultative approach adopted by the Sammy Gyamfi-led GoldBod Technical Committee is highly commendable.
The Gold Board is one of the governing National Democratic Congress’ (NDC) manifesto promises for the country’s mining sector.
Despite being described as one of the Government’s top priorities for economic revitalisation, several actors in the mining industry remain unclear about the concept.
On January 27, 2025, the Finance Minister, Dr Cassiel Ato Baah Forson, inaugurated a technical committee to develop a framework for setting up the Gold Board.
Speaking at the inauguration, Dr Ato Forson, said the Gold Board aims to regulate the gold industry, stabilise the cedi, and maximise revenue from gold exports.
In his maiden State of the Nation Address, President John Dramani Mahama, also said the Board will ensure effective governance of the gold industry.
Some of these statements have raised concerns among industry players about the Gold Board’s function, given that specific state institutions have been mandated by law to regulate this sector.
In a statement posted on his Facebook page, the former Minister responsible for the sector, questioned the relevance of this proposed Gold Board.
He said the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana are the principal state agencies responsible for regulating the exploitation, management, and utilisation of our gold resources and proceeds therefrom.
“So now, what will be the mandate of this proposed Gold Board? How will it co-exist with the time-tested and cardinal institutions such as the Minerals Commission?”
Mr Jinapor, also asked whether the Government intends to abolish the statutory functions of the Minister for Lands and Natural Resources in granting licences for the export of gold and the role the Bank of Ghana plays in the gold trade and give all to the proposed Gold Board.
This follows comments by the Governor of the Bank of Ghana that the Gold Board will take over the Bank’s Domestic Gold Purchase Programme once it is established.
The former Minister also expressed concern about the suggestion that the Gold Board will be solely responsible for the purchase and export of gold, which is likely to affect private sector actors who have invested in the gold trade.
He called on the Government to clarify the concept and avoid duplication of state institutions’ functions.
“While it is welcoming to implement additional measures and/or interventions to have maximum benefit from our mineral resources, it is, also, important not to duplicate the mandate of institutions, which are already performing these functions,” the statement said.
Mr Jinapor noted that Ghana’s mining regulatory regime has come far and is highly respected worldwide. Therefore, nothing should be done in secrecy or surreptitiously to destroy Ghana’s hard-won reputation in this sector.
But, Michael Kwadwo Peprah, President of NCSSMAG, explained that “for us in the NCSSMAG, it is refreshing to see that the new Mahama government is prioritising our suggestion for a well-structured gold trading sector.”
He further highlighted the government’s plan to use GoldBod as a vehicle to support small-scale miners, including geological investigations, concession viability, equipment financing, sustainable environmental management, and concessional financing.
NCSSMAG also emphasised the financial challenges faced by the Precious Minerals Marketing Company (PMMC), stating that limited government funding has hindered its ability to compete with foreign buyers.
This, they argue, has forced local miners to sell to foreign entities, leading to revenue losses for both miners and the state. “The emergence of multiple state agencies in the local gold market has not helped either,” the statement noted, calling for adequate funding from Parliament to ensure the success of GoldBod.
The association stressed that during an economic crisis, GoldBod presents Ghana’s best opportunity to generate significant foreign exchange, stabilise the cedi, and drive economic revitalisation. NCSSMAG has, therefore, urged the government to expedite the processes for GoldBod’s establishment as a matter of urgency.
“It is our fervent hope that this noble agenda will be supported by all stakeholders in the supreme interest of our dear nation,” Mr Peprah concluded.