In a significant move to transform Ghana’s economy, parliament has officially passed the GoldBod Bill. This landmark legislation is expected to revolutionize the gold industry by regulating operations, stabilizing the cedi, and maximizing revenue from gold exports.
The GoldBod, aims to harness the entire gold value chain, from extraction to refining, value addition, and marketing, both locally and internationally. This will create jobs, increase revenue, and ensure that Ghana fully benefits from its natural wealth.
The passage of the GoldBod Bill was met with enthusiasm from the Majority Leader, Mahama Ayariga, who praised it as a landmark piece of legislation.
However, the Minority boycotted the process, citing concerns that the legislation could encourage illegal mining.
Despite these concerns, the establishment of the Ghana Gold Board is expected to boost investor confidence and improve regulation in the industry.
To spearhead the initiative, Sammy Gyamfi, a lawyer and economic policy analyst, has been appointed as the acting Managing Director of the Precious Minerals Marketing Company (PMMC), now GoldBod.
He holds a BSc in Environmental Science and a Bachelor of Law from Kwame Nkrumah University of Science and Technology (KNUST), as well as a Barrister at Law certificate from the Ghana School of Law.
He also has a Master’s degree in Economic Policy Management from the University of Ghana and executive certifications from the Harvard Kennedy School.
Gyamfi has previously worked with Ghanaian mining firm Exton Cubic Group Limited and is widely known for his role as the NDC’s National Communications Officer. His appointment signals the government’s commitment to professionalising the gold sector and ensuring effective oversight.
The Ghana Gold Board is expected to play a pivotal role in formalizing the small-scale gold mining sector, ensuring better regulation, and providing support services for industry players.
This initiative aligns with the Mahama administration’s broader strategy to strengthen the extractive sector and optimize revenues from gold exports.
With Ghana being Africa’s leading gold producer, the establishment of the Ghana Gold Board is expected to boost investor confidence and improve regulation in the industry. This move is seen as a significant step towards a stronger, more self-sufficient economy.