https://en.sputniknews.africa/20250128/ghana-to-establish-gold-board-to-stabilize-currency-and-maximize-gold-revenue-finance-minister-says-1070387753.html
Ghana to Establish Gold Board to Stabilize Currency and Maximize Gold Revenue, Finance Minister Says
Ghana to Establish Gold Board to Stabilize Currency and Maximize Gold Revenue, Finance Minister Says
Sputnik Africa
As Africa's leading gold producer, Ghana earns substantial foreign exchange from gold, but the economic benefits have remained minimal, the country's finance... 28.01.2025, Sputnik Africa
2025-01-28T14:04+0100
2025-01-28T14:04+0100
2025-01-28T14:26+0100
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economy
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gold
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Ghana's Finance Minister, Cassiel Ato Forson, on Tuesday inaugurated a technical committee to create a legal framework for the Ghana Gold Board (GoldBod), an initiative to stabilize the national currency and maximize gold revenues through better management of the country's gold resources.The GoldBod, due to be launched in March, aims to stabilize the national currency by becoming the sole buyer, assayer, seller, and exporter of gold from legal small-scale miners. The move is designed to address the current fragmented gold market, combat smuggling and lost revenue, and ensure full repatriation of foreign exchange earnings, the official noted. While complementing the regulatory role of the Ghana Minerals Commission, the GoldBod will formalize the gold trade and enhance traceability, ultimately maximizing Ghana's benefit from its gold resources, according to the minister. According to the Bank of Ghana's Summary of Economic and Financial Data, total gold exports in 2024 amounted to $11.64 billion, an increase of 53.2% from 2023.
https://en.sputniknews.africa/20241212/ghanas-economy-grew-at-fastest-pace-in-five-years-in-third-quarter-of-2024-statistician-says-1069687289.html
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economy, ghana, west africa, gold, gold miners, currency, market, mining, smuggling, finance minister, finance, foreign exchange, reserves
economy, ghana, west africa, gold, gold miners, currency, market, mining, smuggling, finance minister, finance, foreign exchange, reserves
Ghana to Establish Gold Board to Stabilize Currency and Maximize Gold Revenue, Finance Minister Says
14:04 28.01.2025 (Updated: 14:26 28.01.2025) Elizaveta Roschina
Writer/Editor
As Africa's leading gold producer, Ghana earns substantial foreign exchange from gold, but the economic benefits have remained minimal, the country's finance minister noted, emphasizing the need to maximize gold revenues.
Ghana's Finance Minister, Cassiel Ato Forson, on Tuesday inaugurated a technical committee to create a legal framework for the Ghana Gold Board (GoldBod), an initiative to stabilize the national currency and maximize gold revenues through better management of the country's gold resources.
"The time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold. We must aspire to maximize the full benefits of our gold resources," the finance minister told reporters.
The GoldBod, due to be launched in March, aims to stabilize the national currency by becoming the sole buyer, assayer, seller, and exporter of gold from legal small-scale miners. The move is designed to address the current fragmented gold market,
combat smuggling and lost revenue, and ensure full repatriation of foreign exchange earnings, the official noted.
"In 2024 alone, Ghana exported nearly $5 billion in gold from legal small-scale mining. However, research indicates that the value of gold smuggled out of Ghana from small-scale mining is nearly double the official figure. This highlights the significant foreign exchange losses," he emphasized.
While complementing the regulatory role of the Ghana Minerals Commission, the GoldBod will formalize the gold trade and enhance traceability, ultimately maximizing Ghana's benefit from its gold resources, according to the minister.
"The key objective of the GoldBod will be to formalize the trading of gold from the small-scale mining sector, promote traceability, and pursue London Bullion Market Association (LBMA) certification," Forson added.
According to the Bank of Ghana's
Summary of Economic and Financial Data, total gold exports in 2024 amounted to $11.64 billion, an increase of 53.2% from 2023.
