The Ghana National Association of Small-Scale Miners (GNASSM) has expressed its strong support for the establishment of the Ghana Gold Board (GoldBod), a government-led initiative aimed at formalizing gold trading in the country.
The association praised the ongoing engagement with stakeholders and the transparency surrounding the process.
In a statement issued today, Tuesday March 4, small-scale miners are fully represented on the Technical Committee set up by the Finance Minister to develop legislative proposals for GoldBod’s formation. The committee also includes representatives from relevant ministries, the Minerals Commission, large-scale mining firms, gold service providers, industry experts, jewelers, and financial institutions, ensuring a comprehensive and inclusive approach.
The association emphasized that the current gold trading sector is highly disorganized and informal, leading to significant revenue and foreign exchange losses for the government. By establishing GoldBod through an Act of Parliament, GNASSM believes Ghana will benefit from a well-structured policy framework that will maximize the sector’s potential and contribute to economic stability and national development.
GNASSM is particularly encouraged by the government’s commitment to ensuring transparency and the inclusion of all relevant stakeholders on GoldBod’s governing board. This, they believe, will guarantee fair market pricing for miners, promote international best practices, and create a more efficient and sustainable gold trading system.
Stakeholder engagement sessions across the country, organized by the GoldBod Technical Committee, have so far been productive, helping to draft a fit-for-purpose bill that addresses the needs of small-scale miners and the larger gold industry.
As the process moves forward, GNASSM has assured its members and the general public that it will continue to provide updates on the progress of GoldBod’s establishment.
