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The Member of Parliament for Damongo Constituency, Samuel Abu Jinapor, has urged the Government to provide clarity on the establishment of the proposed Gold Board. He believes the concept raises more questions than answers and could impact investor confidence in Ghana’s mining sector if not properly explained.
The Gold Board is one of the National Democratic Congress’ (NDC) key manifesto promises for the mining industry. Despite being touted as a major initiative for economic revitalization, many industry players remain uncertain about its exact role and impact.
On January 27, 2025, the Finance Minister, Dr. Cassiel Ato Baah Forson, inaugurated a technical committee tasked with developing a framework for setting up the Gold Board. Speaking at the event, Dr. Forson explained that the Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. Similarly, President John Dramani Mahama, in his maiden State of the Nation Address, emphasized that the Board would enhance governance in the gold sector.
However, concerns have been raised about its necessity, given the existence of institutions already mandated to oversee the mining industry. In a statement posted on his Facebook page, Samuel Abu Jinapor questioned the relevance of the proposed Board.
He stated, “The Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana are the principal agencies responsible for regulating the exploitation, management, and utilization of our gold resources. So now, what will be the mandate of this proposed Gold Board? How will it co-exist with the time-tested and cardinal institutions such as the Minerals Commission?”
Mr. Jinapor also raised concerns about whether the Government plans to strip the Minister for Lands and Natural Resources of the authority to grant gold export licenses and transfer that responsibility to the Gold Board. Additionally, he questioned whether the Board would take over the Bank of Ghana’s role in gold trade regulation.
His concerns were further fueled by recent comments from the Governor of the Bank of Ghana, who suggested that the Gold Board would assume control over the Bank’s Domestic Gold Purchase Programme once established.
Another major point of contention is the possibility that the Gold Board will have exclusive authority over gold purchases and exports. Mr. Jinapor warned that this move could negatively impact private sector investors who have already committed significant resources to the gold trade.
He called on the Government to ensure transparency in the Board’s formation and prevent overlapping functions with existing regulatory bodies. “While it is welcoming to implement additional measures and interventions to maximize benefits from our mineral resources, it is also important not to duplicate the mandate of institutions that are already performing these functions,” he stated.
Emphasizing the importance of Ghana’s well-respected mining regulatory framework, Mr. Jinapor urged the Government to avoid any actions that could undermine the country’s reputation in the global mining industry. “Ghana has come far with her mining regulatory regime, which is highly respected across the globe. Therefore, nothing should be done in secrecy or surreptitiously to destroy Ghana’s hard-won reputation in this sector,” he cautioned.
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