Deputy Ranking Member on Parliament’s Economy and Development Committee, Hon. Tweneneboah Kodua Fokuo, has raised concerns over the decision to make the Ghana Gold Board (GoldBod) the sole buyer of gold in the country, warning that it could negatively impact Ghana’s mining sector.
The NPP Member of Parliament for Manso Nkwanta in the Ashanti Region stated that monopolising gold purchases would likely fuel gold smuggling rather than curb it.
Speaking on OTEC 102.9 FM’s morning show Nyansapo, hosted by Kwaku Owusu Boateng on Tuesday, April 28, 2025, the former Managing Director of the National Investment Bank (NIB) criticised the rushed nature of the bill’s passage.
He argued that the legislation should have been structured to promote competitive pricing in the gold trade. According to him, this would have given both sellers and buyers the freedom to determine where to trade for better value.
“Allowing only GoldBod as the only buyer of gold was very wrong, and it’s all because the majority rushed with the bill,” he said. “Parliament needed time to scrutinise the bill and ensure every aspect of the law is well-crafted for the good of the mining sector, but that was not the case.”
Dr. Forkuo also noted that the Minority had flagged these concerns throughout the legislative process, but the Majority, having the numbers in Parliament, went ahead to pass the bill.
In March 2025, Parliament passed the GoldBod Bill, a move hailed by the government as a historic milestone in Ghana’s economic management. The new law establishes the Ghana Gold Board to oversee gold trading, stabilise the cedi, and boost revenue from gold exports.
Under the new regime, GoldBod is to serve as the exclusive buyer of gold from legal small-scale miners, aiming to reduce smuggling, enhance traceability, and support Ghana’s pursuit of London Bullion Market Association (LBMA) certification.
However, Dr. Forkuo maintained that the new law would not bring about meaningful change in the mining industry. He expressed doubts about its effectiveness, cautioning that the lack of competition could undermine the sector’s growth.
