By The Member of Parliament for Damongo Constituency and former Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, has urged the government to clarify issues surrounding the proposed Gold Board.
He stated that the concept raises more questions than answers. The Government must give clear explanations to sustain investor confidence in the country’s mining sector.
The Gold Board is one of the NDC’s manifesto promises for the mining sector. Despite being described as a top priority for economic revitalization, the concept remains unclear to several industry stakeholders.
On January 27, 2025, the Finance Minister, Dr. Cassiel Ato Baah Forson, inaugurated a technical committee to develop a framework for setting up the Gold Board. Speaking at the inauguration, Dr. Ato Forson said the Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. The President, in his maiden State of the Nation Speech, also stated that the Board will guarantee effective governance. It will oversee the gold industry effectively.
But these statements have raised concerns among industry players. They question the role of the Gold Board. Specific state institutions are already mandated by law to regulate the sector.
The former Minister for Lands and Natural Resources posted a statement on his Facebook page. He questioned the relevance of the proposed Gold Board. He stated that the Ministry of Lands and Natural Resources is a principal state agency. The Minerals Commission also serves a principal role. Furthermore, the Minerals Income Investment Fund (MIIF) is involved. The Bank of Ghana is another key agency. They are responsible for regulating the exploitation, management, and utilization of gold resources.
“So now, what will be the mandate of this proposed Gold Board? How will it co-exist with the time-tested and cardinal institutions like the Minerals Commission?” he queried.
Mr. Jinapor also questioned if the Government has plans to strip the Minister for Lands and Natural Resources of the role. The role in question is granting gold export licenses. He asked if this role—along with the Bank of Ghana’s gold trade oversight—will be reassigned to the proposed Gold Board. The Governor of the Bank of Ghana made comments suggesting this. He indicated that the Board will take over the Bank’s Domestic Gold Buying Programme once established.
Another concern is the suggestion that the Gold Board will be responsible for purchasing and exporting all gold. This change can affect private sector actors who have invested in the gold trade. He called on the Government to bring more clarity to the concept and prevent duplication of state institutions’ functions.
“It is welcoming to implement extra measures and/or interventions. This way, we can have utmost gain from our mineral resources. Yet, it is also important not to duplicate the mandate of existing institutions. These institutions are already performing these functions,” the statement said.
Mr. Jinapor emphasized that Ghana has made significant progress with its mining regulatory framework, which is highly respected globally. He cautioned that nothing should be done in secrecy or surreptitiously to undermine the country’s hard-won reputation in the sector.
