President John Dramani Mahama has reaffirmed the government’s commitment to maximizing the country’s earnings from gold exports through the establishment of the Ghana Gold Board (GoldBod).
Speaking shortly after assenting to the GoldBod Act, which was passed by Parliament on Friday, March 28, President Mahama stated that the new regulatory body is expected to streamline operations within Ghana’s gold sector and ensure that the country derives greater value for money from its gold mining and export activities.
“This is the GoldBod Act. This sets up the GoldBod that will streamline Ghana’s gold sector, including our exports, to make sure that Ghana earns more value for money from our gold mining exports,” President Mahama declared in a video chronicling the evolution of the GoldBod initiative.
From Concept to Legislation
The video outlines the transformation of the Precious Minerals Marketing Company (PMMC)—which previously served as Ghana’s national assayer—into the Ghana Gold Board (GoldBod). It also highlights key milestones, including the inauguration of the technical committee, extensive stakeholder engagements, and the legislative processes leading to the bill’s passage.
The GoldBod, established under the newly assented act, will operate as a monopoly in gold trading and exports. While its regulatory powers are limited to overseeing compliance among its own licensed agents, the board is tasked with ensuring transparency, efficiency, and increased revenue generation in Ghana’s gold export sector.
The establishment of the GoldBod is part of broader efforts to reform the mining industry, enhance revenue mobilization, and strengthen institutional oversight in the extraction and export of one of the country’s most valuable natural resources.
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