The Ghana National Association of Small-Scale Miners (GNASSM) has enthusiastically endorsed the government’s initiative to establish the Ghana Gold Board (GoldBod), a centralized body designed to formalize and regulate the country’s gold trading sector. GNASSM lauds the government’s transparent and inclusive approach, particularly the active involvement of small-scale miners in the Technical Committee tasked with developing the legislative framework for GoldBod. This committee comprises a diverse range of stakeholders, including representatives from relevant government ministries, the Minerals Commission, large-scale mining companies, gold service providers, industry experts, jewelers, and financial institutions, ensuring a comprehensive and balanced perspective in shaping the future of gold trading in Ghana. GNASSM firmly believes that GoldBod’s establishment will bring much-needed structure and transparency to the currently fragmented and informal gold market, ultimately benefiting the nation’s economy and development goals.
The current state of Ghana’s gold trading sector is characterized by disorganization and informality, resulting in substantial revenue leakage and loss of foreign exchange for the government. This unregulated environment creates opportunities for illicit activities, including smuggling and tax evasion, which deprive the country of crucial resources that could be used for development initiatives. GNASSM argues that the establishment of GoldBod, backed by an Act of Parliament, will provide a robust legal and regulatory framework to address these challenges. This framework will streamline gold trading operations, enhance transparency, and ensure that the government receives its rightful share of revenue from the sector. The formalization of gold trading will also attract foreign investment, boost investor confidence, and contribute to the overall growth of the Ghanaian economy.
A key element of GoldBod’s structure that resonates with GNASSM is the government’s commitment to inclusivity and stakeholder representation on the board. This commitment ensures that the interests of small-scale miners, who play a significant role in Ghana’s gold production, are adequately represented and protected. Fair market pricing for miners is a crucial concern for GNASSM, and they believe that GoldBod’s transparent pricing mechanisms will prevent exploitation and ensure that miners receive a fair return for their efforts. This transparent and inclusive approach will not only benefit small-scale miners but also promote best practices within the industry, fostering a sustainable and equitable gold trading ecosystem.
The engagement process undertaken by the GoldBod Technical Committee has been commended by GNASSM. Stakeholder consultations across the country have provided valuable insights and feedback, ensuring that the proposed legislation is fit-for-purpose and addresses the specific needs of all stakeholders, particularly small-scale miners. These consultations have fostered a sense of ownership and collaboration among stakeholders, laying a strong foundation for the successful implementation of GoldBod. The association views this collaborative approach as essential for building a sustainable and effective regulatory framework that benefits the entire gold industry and the nation as a whole.
GNASSM’s support for GoldBod stems from their belief that it will transform the gold trading landscape in Ghana, bringing about significant economic benefits and development opportunities. The formalization of the sector will not only increase government revenue but also create a more stable and predictable market for miners. By promoting transparency and accountability, GoldBod will build trust and confidence in the industry, attracting both domestic and international investment. The establishment of a well-regulated gold market will enhance Ghana’s reputation as a responsible gold producer, further boosting the country’s image on the global stage.
The establishment of GoldBod represents a significant step towards harnessing the full potential of Ghana’s gold resources for national development. GNASSM’s unwavering support for this initiative underscores their belief in its transformative power and its potential to create a more equitable and prosperous future for the mining sector and the country as a whole. The association pledges to continue engaging with the government and other stakeholders to ensure the successful implementation of GoldBod and to keep its members and the public informed of its progress. This commitment to transparency and communication reinforces GNASSM’s dedication to the sustainable development of the Ghanaian gold industry.
