The Ghana Gold Board (GoldBod) is set to roll out a gold traceability system later this year as part of efforts to strengthen transparency and accountability in the country’s gold trading sector.
Chief Executive Officer of GoldBod, Sammy Gyamfi, said the system will enable the institution to trace gold purchased from licensed producers and aggregators back to its point of origin.
He said the initiative is intended to provide greater assurance about the source of gold entering the formal trading system and strengthen Ghana’s position in the international gold market.
Speaking on the development, Mr Gyamfi disclosed that GoldBod had commenced the procurement process for a technology provider to develop and implement the traceability system.
According to him, 27 companies initially submitted bids for the project, with about 17 companies remaining after the technical evaluation stage.
He said the successful company will be expected to provide a system capable of tracking gold through the various stages of the supply chain, from the point of production to purchase and eventual export.
Mr Gyamfi said the traceability system would also help address concerns over the origin of gold and strengthen efforts to prevent illegally mined gold from entering the formal supply chain.
The system is expected to complement other measures being implemented by GoldBod to formalise the gold trading sector, improve transparency and enhance Ghana’s ability to meet international standards on responsible sourcing.
Mr Gyamfi said GoldBod intends to complete the procurement and begin rolling out the system within 2026.