Parliament has passed a landmark law establishing the Ghana Gold Board (GoldBod), a new regulatory body tasked with overseeing the buying, selling, and export of gold and other precious minerals. The move, approved on Friday, March 28, 2025, effectively restructures Ghana’s gold trade by centralizing small-scale gold exports under GoldBod, a decision that is expected to have significant implications for the mining sector.
Parliamentary Approval and Political Backing
The bill, championed by the ruling National Democratic Congress (NDC), was adopted after a majority vote in Parliament. First Deputy Speaker Bernard Ahiafor presided over proceedings and confirmed the passage of the bill through a voice vote.
“Honourable members, as many as are in favour of the motion, say ‘Aye’… Those against, say ‘No,’” he announced. “The Ayes have it; the motion is accordingly adopted.”
The new legislation designates GoldBod as the sole entity responsible for exporting gold from Ghana’s small-scale mining sector, eliminating the role of private licensed traders and bullion dealers in direct exports.
Reshaping Ghana’s Gold Trade Landscape
The establishment of GoldBod is part of a broader strategy by President John Dramani Mahama’s administration to regulate and optimize the country’s gold resources. By centralizing small-scale gold exports under a single body, the government aims to curb smuggling, increase tax revenues, and enhance transparency in the sector.
To lead this transformation, Mahama has appointed Sammy Gyamfi, the National Communications Officer of the NDC, as the Acting Managing Director of the Precious Minerals Marketing Company (PMMC). Gyamfi, a lawyer and economic policy expert, is expected to play a key role in executing the new gold export framework and ensuring compliance with the law.
Implications for the Mining Industry
GoldBod’s establishment represents a major shift in Ghana’s gold trade, with both opportunities and challenges ahead. The formalization of small-scale mining could lead to increased government revenue and investor confidence. However, concerns remain among private gold traders and bullion dealers who will no longer be able to export gold independently.
Industry stakeholders have called for clear guidelines on how GoldBod will operate and how it will integrate existing players in the gold export market. Some argue that the transition period will be crucial in determining the effectiveness of the new system and whether it meets its objectives of improving oversight and maximizing national benefits from gold production.
A Strategic Move for Economic Growth
Ghana remains Africa’s top gold producer, and the government sees GoldBod as a key vehicle to strengthen regulation and increase returns from the sector. With Gyamfi’s appointment and the implementation of this law, the administration is signaling a strong commitment to professionalizing gold trade and ensuring that more value is retained within the country.
As the new system takes effect, all eyes will be on GoldBod’s operations and its ability to balance government interests with those of miners and industry players who have long been part of Ghana’s gold economy.
