https://en.sputniknews.africa/20250330/ghana-to-establish-new-regulatory-body-for-gold-trade-aiming-to-increase-foreign-exchange-earnings-1071345079.html
Ghana to Establish New Regulatory Body for Gold Trade, Aiming to Increase Foreign Exchange Earnings
Ghana to Establish New Regulatory Body for Gold Trade, Aiming to Increase Foreign Exchange Earnings
Sputnik Africa
Mining significantly contributes to Ghana's economy, accounting for roughly 40% of foreign exchange earnings and approximately 5.7% of its GDP. Gold is the... 30.03.2025, Sputnik Africa
2025-03-30T11:52+0200
2025-03-30T11:52+0200
2025-03-30T13:54+0200
sub-saharan africa
ghana
west africa
economy
minerals
gold miners
gold
domestic policy
government
export
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Ghana's parliament has passed a bill to establish a new regulatory body for gold trade, with the primary goal of increasing foreign exchange earnings for the country.The Gold Board Bill 2025 aims to regulate Ghana's gold industry by overseeing transactions, controlling gold purchases, sales, and exports, and generating revenue to stabilize the national currency. A key provision of the bill is that the Gold Board (GoldBod) is expected to become the sole buyer of gold from legal small-scale miners, effectively curbing smuggling and improving traceability within the sector. The GoldBod will unlock Ghana's potential to benefit from the entire gold value chain, from extraction to refining, value addition, and marketing, both domestically and internationally, Finance Minister Cassiel Ato Forson said. He also emphasized that this initiative will create jobs, increase government revenue, and formalize small-scale mining operations across the country. This move is part of a broader strategy by the Ghanaian government to maximize its earnings from natural resources, generate wealth for its citizens, and boost foreign exchange earnings in order to stabilize the foreign exchange market.
https://en.sputniknews.africa/20250320/ghana-revokes-all-small-scale-mining-permits-granted-after-december-7-2024-elections-1071174727.html
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ghana, west africa, economy, minerals, gold miners, gold, domestic policy, government, export, foreign exchange, market
ghana, west africa, economy, minerals, gold miners, gold, domestic policy, government, export, foreign exchange, market
Ghana to Establish New Regulatory Body for Gold Trade, Aiming to Increase Foreign Exchange Earnings
11:52 30.03.2025 (Updated: 13:54 30.03.2025) Ekaterina Shilova
Writer / Editor
Mining significantly contributes to Ghana's economy, accounting for roughly 40% of foreign exchange earnings and approximately 5.7% of its GDP. Gold is the dominant mineral, comprising over 90% of total mineral exports.
Ghana's parliament has passed a bill to establish a new regulatory body for gold trade, with the primary goal of increasing foreign exchange earnings for the country.
The Gold Board Bill 2025 aims to regulate Ghana's gold industry by overseeing transactions, controlling gold purchases, sales, and exports, and generating revenue to stabilize the national currency. A key provision of the bill is that the Gold Board (GoldBod) is expected to become the sole buyer of gold from legal small-scale miners, effectively curbing smuggling and improving traceability within the sector.
The GoldBod will unlock Ghana's potential to benefit from the entire gold value chain, from extraction to refining, value addition, and marketing, both domestically and internationally, Finance Minister
Cassiel Ato Forson said. He also emphasized that this initiative will create jobs, increase government revenue, and formalize small-scale mining operations across the country.
This move is part of a broader strategy by the Ghanaian government to maximize its earnings from natural
resources, generate wealth for its citizens, and boost foreign exchange earnings in order to stabilize the foreign exchange market.
