Ghana Plans Gold Board to Enhance Earnings, Curb Smuggling

Ghana is set to launch a Gold Board in March 2024, aimed at regulating gold purchases from small-scale miners to increase national earnings and curb smuggling, as announced by Finance Minister Cassiel Ato Forson. This initiative comes as Ghana seeks to optimize its status as Africa's leading gold producer, with total gold exports reaching $11.64 billion in 2024, marking a 53.2% increase from the previous year. The Gold Board will act as the sole buyer of gold through licensed aggregators and local traders, ensuring compliance with the stringent certification standards of the London Bullion Market Association. Forson emphasized the need to expand beyond traditional revenue sources by harnessing the entire gold value chain, enhancing local value creation, and stabilizing the national currency. The establishment of this board is expected to alleviate the fragmented and unregulated system that has historically hindered the sector and led to significant foreign exchange losses. Economic experts view this move as a crucial step toward maximizing the benefits of Ghana's rich gold resources and driving significant economic growth.