Ghana to Launch Gold Board to Streamline Gold Purchases and Boost Earnings

Ghana is set to launch a Gold Board aimed at streamlining the purchase of gold from small-scale miners, increasing national earnings, and reducing the illegal smuggling of the precious metal. The announcement was made by the country’s newly appointed finance minister, Cassiel Ato Forson, on Monday. The initiative is expected to bolster the country’s position as Africa’s leading gold producer and help stabilize its national currency.
The Gold Board will play a central role in organizing the gold trade, ensuring that gold sales are properly monitored and processed through official channels. By formalizing and regulating transactions, the government hopes to curb the smuggling of gold, a practice that has long plagued the industry and deprived the country of valuable revenue.
Ghana has consistently been one of the top gold producers globally, and with the Gold Board, the government plans to capitalize on its natural resources to maximize national benefits. This move is expected to help Ghana increase its revenue from gold exports, supporting economic growth and contributing to the stability of the cedi, Ghana’s national currency.
According to recent data from Ghana’s central bank, total gold exports in 2024 reached $11.64 billion, a remarkable 53.2% increase compared to the previous year. This surge in gold exports has significantly contributed to the country’s improved economic performance, nearly doubling its trade surplus to $4.98 billion in 2024.
By tapping into the full potential of its gold industry, Ghana is positioning itself for greater economic stability and growth. The introduction of the Gold Board reflects a commitment to fostering a more organized and transparent mining sector, which will benefit not just the government, but also the small-scale miners who play a vital role in the industry.
As Ghana moves forward with this new initiative, it is expected that the Gold Board will help strengthen the nation’s economy and further establish Ghana as a key player in the global gold market. The government’s efforts to reduce smuggling and boost gold-related earnings will be essential in ensuring the long-term sustainability of the sector and maintaining the economic health of the country.