The establishment of GOLDBOD has sparked debate over the continued relevance of the Precious Minerals Marketing Company (PMMC), with PwC raising critical concerns about overlapping mandates. As GOLDBOD positions itself as a key player in Ghana’s gold trade, industry experts question whether the government is duplicating efforts or if this signals a strategic shift in mineral resource management. The development has also fueled speculation about potential regulatory conflicts and the long-term impact on Ghana’s gold export framework
Professional services firm, PwC, has indicated that the establishment of the Ghana Gold Board (GOLDBOD) by the government raises questions about the future role of Precious Minerals Marketing Company (PMMC) and other stakeholders.
This therefore requires clear definitions and mandates of the institutions.
It however expressed optimism that the establishment of the GOLDBOD will help address the fragmented and uncoordinated nature of buying and selling gold in the country and reduce smuggling.
In its analysis of the 2025 Budget, it said the GOLDBOD’s initiative will also enhance foreign exchange inflows and strengthen gold reserve accumulation, thereby contributing to economic stability.
The 2025 Budget proposed the establishment of the GOLDBOD to enhance foreign exchange inflows and bolster gold reserve accumulation. The GOLDBOD will regulate, oversee, monitor, and engage in activities related to the purchasing, assaying, refining, exporting, and selling of gold reserves.
PwC said the centralization would streamline gold trading activities, thus potentially increasing efficiency and reducing duplication.
It however called for mechanisms for gold traceability to be established to ensure purchases are from sustainable mining companies in line with international standards.
Again, it wants the government to establish an effective governance structure to provide clear oversight and accountability mechanisms to monitor performance and compliance.
“The implementation of the GOLDBOD policy must be carefully managed to prevent it from being exploited for illegal activities such as galamsey, fraud, and money laundering, ensuring robust regulation, transparency, and stakeholder engagement,” it concluded.
Last Updated on March 21, 2025 by samboad
