The former Lands and Natural Resources Minister, Samuel A. Jinapor, has urged the government to clarify issues surrounding the proposed Gold Board.
The Damongo MP argues that the concept raises more questions than answers and that transparency is crucial to maintaining investor confidence in Ghana’s mining sector.
The Gold Board is a key manifesto promise of the NDC for the mining sector and has been touted as a priority for economic revitalisation.
However, many industry players remain unclear about its role and implications.
On January 27, 2025, Finance Minister Dr. Cassiel Ato Baah Forson inaugurated a technical committee to develop a framework for the Gold Board.
He stated that its objectives include regulating the gold industry, stabilising the cedi, and maximising revenue from gold exports.
Similarly, the President, in his maiden State of the Nation Address (SONA), emphasised that the Board would ensure effective governance of the sector.
Despite these assurances, concerns have emerged over the Board’s mandate, given that existing institutions such as the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana already oversee various aspects of the gold industry.
In an interview, Mr. Jinapor questioned the necessity of the Gold Board, asking how it would function alongside well-established regulatory bodies like the Minerals Commission.
He also raised concerns about whether the Board would assume the statutory role of the Minister for Lands and Natural Resources in granting gold export licenses and whether it would take over the Bank of Ghana’s role in the gold trade.
This follows remarks by the Governor of the Bank of Ghana that the Gold Board would take over the Bank’s Domestic Gold Purchase Programme upon its establishment.
Furthermore, Mr. Jinapor expressed concern over suggestions that the Gold Board would have sole authority over gold purchases and exports, which could negatively impact private sector actors who have invested in the gold trade.
He urged the government to provide more clarity on the Board’s purpose to avoid duplicating the roles of existing institutions.
“While implementing additional measures to maximise benefits from our mineral resources is welcome, it is equally important not to duplicate the mandates of institutions that are already performing these functions,” his statement read.
He concluded by emphasising Ghana’s globally respected mining regulatory framework and cautioned against any move that could undermine the country’s hard-earned reputation in the sector.
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