Finance and Economic Policy analyst Senyo Hosi has expressed optimism about the potential success of the Ghana Gold Board (GOLDBOD), provided its governance and operational structures are competently implemented.
The Ghana Gold Board is a government-owned entity tasked with supervising and advancing the gold industry in Ghana. Its key objective is to ensure that the gold sector functions efficiently, sustainably, and in alignment with national development goals, ultimately driving economic progress.
The board serves as a critical regulator of gold mining activities, striving to optimise the responsible use of Ghana’s gold resources while promoting growth and stability within the industry.
In an article themed “OUR GOLD AND THE GOLDBOD” released on March 15, Hosi highlighted the opportunities it presents for quality assurance and the unique branding of the nation’s gold on the international market.
“I do not see the GoldBod becoming a failure like COCOBOD, if the fundamental governance, transparency, and accountability structures are competently woven in its implementation,” Hosi stated.
He underscored the importance of a robust regulatory and operating framework that aligns with existing structures to ensure market adaptability.
According to Hosi, commercial sanctity will be at the heart of GoldBod’s success.
He noted that current trade practices involve discounts of 5 to 15% depending on prefinance terms. If GoldBod operates within similar market provisions and absorbs the 1.5% gold export tax, it will not only avoid being a government monopoly but also become a valuable commercial partner for small-scale miners and aggregators.
Hosi emphasised the need for GoldBod to use its influence to make gold smuggling not just illegal but unattractive.
Drawing an analogy to the sweetness of the African Star Apple, or “Alasa” as it’s known in Ghana, he remarked, “The sweetness is in the sucking. We should focus efforts on how the GoldBod is structured to win. For it fills a begging gap.”
READ: SENYO HOSI WRITES ON GOLDBOD; Our Gold and The GoldBod- Article here
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