Former Majority Leader of Parliament, Osei Kyei-Mensah-Bonsu, has voiced his concerns regarding the qualifications and expertise of those appointed to manage the Ghana Gold Board (GOLDBOD).
The government established GOLDBOD as Former Majority Leader of Parliament Osei Kyei-Mensah-Bonsu has raised concerns about the qualifications and expertise of individuals appointed to manage the Ghana Gold Board (GOLDBOD).
The government established GOLDBOD as a strategic initiative to revitalize Ghana’s gold sector, increase foreign exchange earnings, and formalize the small-scale mining industry. This initiative aims to enhance efficiency and transparency in Ghana’s gold trade while integrating small-scale miners into the formal economy, thereby reducing illegal mining and promoting sustainable practices.
In line with its commitment to the gold sector, the government has allocated significant funding to support GOLDBOD’s operations. In the 2025 budget, Finance Minister Dr. Cassiel Ato Forson announced that $279 million has been earmarked as a revolving fund for the Ghana Gold Board. This funding is expected to enable the purchase and export of at least three tonnes of gold weekly from small-scale miners.
The initiative seeks to stabilize the gold market, enhance Ghana’s foreign reserves, and create a structured pathway for small-scale miners to engage in the global gold trade.
However, during the Kumasi Dialogue—a gathering of policymakers, industry experts, and stakeholders to discuss economic and governance issues—Kyei-Mensah-Bonsu expressed his concerns regarding the selection process for those managing GOLDBOD.
“It is a commendable intention they have shown. One would expect the board to be composed of individuals with demonstrable expertise in commodity trading and related fields. If we make mistakes in the initial stages, it could pose significant risks for our country,” he stated.a strategic initiative aimed at revitalizing Ghana’s gold sector, increasing foreign exchange earnings, and formalizing the small-scale mining industry.
This initiative is part of a larger effort to enhance efficiency and transparency in Ghana’s gold trade while integrating small-scale miners into the formal economy, thus reducing illegal mining and promoting sustainable practices.
In line with its commitment to the gold sector, the government has allocated significant funding to support GOLDBOD’s operations.
In the 2025 budget, Finance Minister Dr. Cassiel Ato Forson announced that $279 million has been earmarked as a revolving fund for the Ghana Gold Board. This funding is anticipated to enable the purchase and export of at least three tonnes of gold weekly from small-scale miners.
The initiative seeks to stabilize the gold market, enhance Ghana’s foreign reserves, and create a structured pathway for small-scale miners to engage in the global gold trade.
However, during the Kumasi Dialogue, an event that convened policymakers, industry experts, and stakeholders to discuss economic and governance matters, Kyei-Mensah-Bonsu expressed concerns about the selection process for those managing GOLDBOD.
“It is a commendable intention they have shown. One would expect the board to be filled with individuals possessing demonstrable expertise in commodity trading and related fields. If we make mistakes in the initial stages, it could pose significant risks for our country.”
