Accra plans to establish a Gold Board to regulate small-scale gold purchases, increase national earnings, and curb smuggling, Finance Minister Cassiel Ato Forson announced on Monday. The initiative aims to maximize the country’s benefits from gold sales and stabilize the national currency. In 2024, Ghana’s total gold exports reached $11.64 billion, a 53.2% increase from the previous year, contributing to a $4.98 billion trade surplus. Nearly $5 billion of the exported gold came from legal small-scale miners. Forson emphasized that Ghana must go beyond collecting royalties and taxes by developing the entire gold value chain, from extraction to international marketing. The board, set to launch in March, will act as the sole buyer of gold, addressing loopholes that enable smuggling. The initiative also seeks London Bullion Market Association certification, ensuring ethical sourcing that meets international standards.
Source: Reuters
