Jinapor calls for clarity on proposed Gold Board

The Member of Parliament for Damongo Constituency and former Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, has urged the government to clarify issues surrounding the proposed Gold Board.

He stated that the concept raises more questions than answers, and the Government must provide clear explanations to sustain investor confidence in the country’s mining sector.

The Gold Board is one of the NDC’s manifesto promises for the mining sector. Despite being described as a top priority for economic revitalisation, the concept remains unclear to several industry stakeholders.

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 Board aims to regulate the gold industry, stabilise the cedi, and maximise revenue from gold exports. The President, in his maiden State of the Nation Address, also stated that the Board will ensure effective governance of the gold industry.

However, these statements have raised concerns among industry players regarding the role of the Gold Board, given that specific state institutions are already mandated by law to regulate the sector.

In a statement posted on his Facebook page, the former Minister for Lands and Natural Resources questioned the relevance of the proposed Gold Board. He stated that 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 gold resources.

“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?” he queried.

Mr. Jinapor also questioned whether the Government intends to strip the Minister for Lands and Natural Resources of the statutory function of granting gold export licences and reassign this role—along with the Bank of Ghana’s gold trade oversight—to the proposed Gold Board. This follows comments by the Governor of the Bank of Ghana suggesting that the Board will take over the Bank’s Domestic Gold Purchase Programme once established.

Another concern raised by the former Minister is the suggestion that the Gold Board will be solely responsible for purchasing and exporting gold, potentially affecting private sector actors who have invested in the gold trade. He called on the Government to bring more clarity to the concept and prevent 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 emphasised that Ghana has made significant progress with its mining regulatory framework, which is highly respected globally. He cautioned that nothing should be done in secrecy or surreptitiously to undermine the country’s hard-won reputation in the sector.