The Minority in Parliament has announced plans to introduce a Private Member’s Bill aimed at amending the Ghana Gold Board Act, citing structural inefficiencies and financial leakages in the operations of the Ghana Gold Board (GoldBod).
Speaking at an engagement with the Ghana Employers Association, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the Minority Caucus had long identified critical weaknesses in the legal framework governing the GoldBod, which was established under the Ghana Gold Board Act, 2025 (Act 1140) to serve as the sole buyer, assayer, exporter, and regulator of gold in the country.
One of the fundamental flaws, according to Mr Oppong Nkrumah, is the merging of regulatory and commercial roles within the same institution. He warned that such an arrangement risks distorting oversight and accountability.
“The minority offered a lot of suggestions that listen, this programme we started it, we know the loopholes, we know the gaps. For example, don’t mix the role of the regulator with the role of the trader. Because if you do, you may end up funding regulatory functions in ways that you shouldn’t,” he said.
He added that the Minority had proposed revisions to key definitions in the law, including provisions on gold hoarding, which have direct implications for jewellers and other players in the gold value chain.
“We also offered various suggestions, including the definition of what they called hoarding, part of which affects, you know, jewelers. Some of those bits of advice were listened to, but in the end, a good chunk of it was literally all thrown away. And that is how come you are left with this one,” Mr Oppong Nkrumah stated.
The Ranking Member also raised concerns about the financial implications of the current system, noting that the government is compelled to pay incentives to gold dealers to curb smuggling — an approach he described as ultimately reducing returns from gold purchases.
He indicated that the Minority remains open to stakeholder input as it prepares the proposed legislation, stressing that lessons learned from the existing regime will shape future reforms.
“But what we can assure you is that this exercise, which was started on the watch of the NPP, we learned a lot of lessons from it. We are seeing the mistakes that are being made. And at the next opportune moment, we will do our best to make sure that those corrections are done, to serve the interest of, particularly private sector operators like jewelers and others in the value chain,” he added.
The proposed Private Member’s Bill is expected to focus on strengthening regulatory clarity, separating commercial and oversight functions, improving operational efficiency, and better safeguarding the interests of private sector participants in Ghana’s gold industry.
GoldBod was established to centralise gold trading, particularly from artisanal and small-scale miners, enhance foreign exchange earnings, and reduce smuggling. However, concerns over its dual regulatory-commercial mandate and associated costs have persisted since its inception.