Ghana's Parliament has successfully passed the Ghana Gold Board Bill, known as the GoldBod Bill, following a walkout by the New Patriotic Party (NPP) Minority members. The bill now awaits President John Dramani Mahama's assent to become law.
The GoldBod Bill aims to establish the Ghana Gold Board (GoldBod), a regulatory body responsible for overseeing the buying, selling, and export of gold in Ghana. This initiative seeks to enhance transparency, improve traceability, and increase foreign exchange earnings from the gold sector. Sammy Gyamfi, the acting Managing Director of the Precious Minerals Marketing Company (PMMC), expressed confidence that the bill would be passed before Parliament's Easter recess.
The proposed GoldBod inspectors will have powers akin to police officers, including conducting searches, demanding documentation, seizing illegally traded gold, and prosecuting offenders. This measure aims to address the challenges of illegal gold smuggling, which has previously lacked dedicated enforcement.
The establishment of GoldBod is part of President Mahama's broader strategy to restructure Ghana's mining sector, aiming to maximize the nation's gold resources and stabilize its currency. The initiative has undergone extensive consultations and revisions to ensure it effectively addresses the complexities of the gold industry.
With the bill's passage, attention now turns to President Mahama, who is expected to sign it into law promptly. This development marks a significant milestone in Ghana's efforts to regulate its gold industry and harness its economic potential.
By : Isaac Fiifi Klotey Mensah