GNASSM supports establishment of GoldBod to formalise gold trading in Ghana

The Ghana National Association of Small-Scale Miners (GNASSM) has expressed satisfaction with the level of stakeholder engagement and transparency in the government’s efforts to establish the Ghana Gold Board (GoldBod).

In a statement, GNASSM confirmed that small-scale miners are “fully represented on the Technical Committee constituted by the Finance Minister to develop legislative proposals for the formation of the Ghana Gold Board.”

Other key industry players within the gold supply chain, including relevant ministries, the Minerals Commission, gold service providers, large-scale mining firms, industry experts, jewellers, and banks, are also involved in the process.

GNASSM believes that contributions from these stakeholders will ensure the GoldBod’s operations remain transparent and focused on formalising gold trading in Ghana while providing necessary support to agencies working with small-scale miners.

Need for GoldBod

Currently, Ghana’s gold trading sector remains “very disorganised and informal,” resulting in significant revenue and foreign exchange losses that could otherwise contribute to economic stability and national development.

With the establishment of GoldBod through an Act of Parliament, GNASSM is “convinced that the necessary policy framework for gold trading will be put in place to help the nation realise the full potential of the small-scale mining sector.”

The association also welcomed the decision to include representatives from all relevant stakeholders in the governance structure of GoldBod. This, they believe, will ensure that “the GoldBod’s operations are inclusive, beneficial to stakeholders, and in conformity with international standards.”

Stakeholder engagement and future outlook

GNASSM highlighted that engagement sessions between the GoldBod Technical Committee, small-scale miners, and other stakeholders across the country have been “very useful in the drafting of a Bill, which is fit for purpose and guarantees fair market pricing for miners.”

Reiterating their commitment to supporting the initiative, GNASSM stated: “We are committed to supporting the Government in the establishment of the Ghana Gold Board for the benefit of the nation.”

The association assured its members and the public that it will continue to provide updates on the progress of the GoldBod establishment, adding: “So far, the GoldBod Technical Committee is on the right path.”

The statement was signed by Godwin Nickleson Amarh and Abdul-Razak Alhassan, key representatives of GNASSM.