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, ensuring the country derives greater value from its gold exports.

In a video detailing the process leading to his final presidential assent to the GoldBod Act, passed by Parliament on Friday, March 28, 2025, President Mahama emphasised the importance of the new entity in regulating the sector.

“This is the GoldBod Act. It establishes GoldBod to streamline Ghana’s gold sector, including our exports, to ensure that Ghana earns more value for money from its gold mining exports,” he stated.

The video outlines key milestones, beginning with the transformation of the Precious Minerals Marketing Company into the Ghana Gold Board (GoldBod), followed by the formation of a technical committee, stakeholder engagements, and parliamentary deliberations that led to the bill’s passage.

GoldBod will serve as the sole entity responsible for gold trading and export in Ghana, with regulatory authority to ensure compliance among its licensed agents.

This monopoly aims to curb illicit gold trade, increase transparency, and help the nation maximize revenue from its mineral resources.

The establishment of GoldBod aligns with the government’s broader strategy to formalise the mining sector and strengthen Ghana’s position in the global gold market.

However, industry observers will be closely monitoring its operational impact in the coming months.

SP/MA

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