The Ghana Gold Board bill has been signed into law by President Mahama
The Ghana Gold Board, popularly known as GoldBod, has officially been signed into law by President John Dramani Mahama, marking a historic moment for the country’s gold industry.
The bill, passed by Parliament on March 29, 2025, is the result of years of planning, consultations, and collaboration aimed at transforming Ghana’s gold sector.
The GoldBod initiative, first introduced as a campaign promise by President Mahama, is part of his administration’s broader economic revitalization agenda. It seeks to regulate the gold sector, streamline the buying and selling processes, and ensure that Ghana’s gold resources benefit the nation as a whole.
A Long Journey from Concept to Law
The journey toward GoldBod’s creation began with a vision to establish a structured and formalized framework for gold trading in Ghana. To lead this effort, President Mahama appointed Sammy Gyamfi, the NDC Communications Officer, as the acting Managing Director of the Precious Minerals Marketing Company (PMMC). His task was to operationalize GoldBod under the oversight of the Minister of Finance.
A broad, consultative approach was key to GoldBod’s development. Sammy Gyamfi held staff durbars and engaged with key stakeholders, including the Ghana National Association of Small Scale Miners, Ghana Association of Forex Bureau, and the State Interest and Governance Authority. These consultations helped shape the policies and strategies that would govern the initiative.
Stakeholder Involvement and the Technical Committee
To ensure that all voices in the gold sector were heard, a Technical Committee was formed by the Minister of Finance, including representatives from various organizations such as the Chamber of Bullion Traders, the Bank of Ghana, the Minerals Commission, and the Minerals Income Investment Fund. This committee engaged in extensive discussions with stakeholders across the industry, including large-scale miners, small-scale miners, gold dealers, jewelers, and Civil Society Organisations.
The committee’s work culminated in the submission of a draft legislative framework and policy paper to the Minister for Finance. After further review, the draft bill was forwarded to the Attorney-General for legal drafting, before being presented to the President for Executive Approval.
Subsequently, the Minister of Finance laid the Bill before Parliament for consideration and approval.
This bill, which improves conditions for small-scale miners by making the board the sole buyer of gold from licensed miners, ensures fair pricing and enhanced market access. It was signed into law by President John Dramani Mahama on April 2, 2025, signaling a transformation in the gold sector.