The Member of Parliament for Manso Nkwanta, Dr. Tweneneboah Kodua Forkuo, has cautioned against structuring the newly established Ghana Gold Board (GoldBod) after the 1947 model used for Ghana Cocoa Board (COCOBOD).
Speaking on the Kumasi-based OTEC 102.9 FM morning show Nyansapo, Dr. Forkuo expressed concerns about the GoldBod Act, emphasising that the gold industry operates under conditions vastly different from those of the cocoa sector.
According to him, the unique dynamics of the gold industry demand a customised regulatory framework that reflects its specific challenges and opportunities.
He argued that directly replicating the COCOBOD model would be inappropriate and could lead to adverse outcomes.
“The gold industry differs significantly from the cocoa sector and requires a tailored approach that considers its complexities,” Dr. Forkuo stressed.
His comments come amid ongoing public debate surrounding the recently passed GoldBod Bill, which establishes a regulatory body to oversee gold trading, improve traceability, and maximize revenue from gold exports.
While supporters of the bill believe it will help stabilize the mining sector and curb illegal activities such as smuggling, critics like Dr. Forkuo urge policymakers to thoroughly assess the potential consequences before fully implementing the law.
The GoldBod Act has sparked widespread discussion among stakeholders. Though it is seen by some as a step forward in Ghana’s economic strategy, others, including Dr. Forkuo, are calling for a more cautious and thoughtful approach to ensure the legislation truly benefits the country and its citizens.
