Samuel Jinapor Demands Clarity on Proposed Gold Board, Raises Concerns Over Institutional Overlap
Accra, Ghana – Former Minister for Lands and Natural Resources, Samuel A. Jinapor, has called on the government to provide comprehensive details on the establishment of the proposed Gold Board, questioning its necessity and potential overlap with existing regulatory institutions.
Background on the Proposed Gold Board
The proposed Gold Board is a key policy initiative of the National Democratic Congress (NDC) government, intended to regulate Ghana’s gold industry, enhance revenue mobilization, and contribute to economic stability. Finance Minister Dr. Cassiel Ato Baah Forson inaugurated a technical committee on January 27, 2025, to develop a framework for the Board’s establishment. According to government officials, the Board’s mandate will include streamlining gold exports, increasing state revenue from gold trade, and stabilizing the cedi through gold reserves.
President John Dramani Mahama, in his recent State of the Nation Address (SONA) 2025, emphasized the significance of the Gold Board in ensuring proper governance of the gold sector. The initiative is expected to help curb illegal mining (galamsey), improve the efficiency of gold transactions, and provide a structured approach to regulating Ghana’s vast gold resources.
Jinapor Raises Key Concerns
In a detailed statement shared on social media, Samuel Jinapor, who served as Lands and Natural Resources Minister under the previous administration, questioned the necessity of the Gold Board, arguing that several institutions already regulate various aspects of the gold sector. He pointed out that key agencies such as:
- The Ministry of Lands and Natural Resources
- The Minerals Commission
- The Minerals Income Investment Fund (MIIF)
- The Bank of Ghana
are already responsible for overseeing licensing, regulation, and investment in the mining sector.
“So now, what will be the mandate of this proposed Gold Board? How will it co-exist with the time-tested and cardinal institutions such as the Minerals Commission?” Jinapor questioned.
Potential Conflict with Existing Institutions
Jinapor also raised concerns over the suggestion that the Gold Board would assume roles currently assigned to other regulatory bodies. He cited reports that the Board would take over the Bank of Ghana’s Domestic Gold Purchase Programme, a policy initiative that has been in place to help manage the country’s foreign exchange reserves through gold acquisition.
Additionally, he warned that assigning the Board sole responsibility for purchasing and exporting gold could disrupt private sector participation in the gold trade and negatively impact businesses that have long operated in the sector.
“If the Gold Board is to be granted exclusive control over gold purchases and exports, what happens to the private sector players who have made significant investments in the industry?” he asked.
Calls for Transparency and Stakeholder Engagement
Jinapor emphasized that while policy interventions are welcome, any new initiative should complement existing frameworks rather than duplicate them. He urged the government to clearly outline the Gold Board’s functions and engage stakeholders—including mining firms, financial institutions, and industry regulators—to ensure the initiative strengthens the gold sector rather than creating confusion.
“While it is welcoming to implement additional measures and/or interventions to have maximum benefit from our mineral resources, it is also important not to duplicate the mandate of institutions that are already performing these functions,” he stated.
He further underscored Ghana’s progress in mining regulations, which have earned global recognition, and cautioned that any new structures should not undermine the credibility of the existing regulatory framework.
What’s Next for the Gold Board?
With discussions on the Gold Board gaining momentum, stakeholders are eager for further clarification on its structure, operations, and relationship with other institutions. The government is expected to provide more details in the coming weeks, particularly on how the Board will fit into Ghana’s broader mining strategy.
Industry experts and economic analysts are also watching closely, as the success or failure of the Gold Board could have significant implications for foreign investment, gold production, and overall economic stability.
For now, the debate continues, with Jinapor’s concerns sparking important discussions on the future of Ghana’s gold industry and the best approach to managing its resources for national development.
About The Author
