GoldBod Act to Streamline Ghana’s Gold Exports, President Mahama Says
President John Dramani Mahama has reaffirmed that the establishment of GoldBod and the passage of its enabling legislation will enhance the efficiency of Ghana’s mining sector while ensuring the country derives greater value from its gold exports.
In a video highlighting the process leading to the final presidential assent to the GoldBod Act—passed by Parliament on Friday, March 28—President Mahama emphasized the significance of the new entity in regulating the sector.
“This is the GoldBod Act. This sets up the GoldBod that will streamline Ghana’s gold sector, including our exports, to make sure that Ghana earns more value for money from our gold mining exports,” he stated.
The video chronicles key milestones, beginning with the transformation of the Precious Minerals Marketing Company into the Ghana Gold Board (GoldBod), the formation of a technical committee, stakeholder engagements, and parliamentary deliberations that led to the bill’s approval.
GoldBod will function as the sole entity responsible for gold trading and export in Ghana, with regulatory powers confined to overseeing compliance among its licensed agents. The monopoly aims to curb illicit gold trade, increase transparency, and ensure that the nation maximizes revenue from its mineral resources.
The establishment of GoldBod aligns with the government’s broader strategy to formalize the mining sector and improve Ghana’s standing in the global gold market. However, industry observers will be keen to assess its operational impact in the coming months.
