The Minority in Parliament has announced plans to introduce a Private Member’s Bill aimed at reforming the Ghana Gold Board Act, citing structural weaknesses and financial inefficiencies in its current framework.
Speaking during an engagement with the Ghana Employers Association, Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, revealed that the caucus has long identified critical gaps in the operations of the Gold Board.
According to him, a key concern is the blending of regulatory and commercial roles within the same institution—an arrangement he believes undermines transparency and accountability.
He explained that combining these functions could lead to conflicts of interest, particularly in how regulatory activities are funded and supervised.
Hon. Nkrumah noted that the Minority had previously proposed several amendments to address these issues, including clearer definitions within the law. He pointed specifically to provisions on gold hoarding, which he said could negatively impact jewellers and other stakeholders within the gold value chain.
While some of their recommendations were considered, he indicated that a significant portion was ultimately disregarded, resulting in what he described as a flawed framework.
He also raised concerns about the financial burden on the state under the current system. According to him, government is compelled to offer incentives to gold dealers as a strategy to reduce smuggling—an approach he argues diminishes overall returns from gold transactions.
Despite these concerns, Hon. Nkrumah emphasized that the Minority remains open to broader stakeholder engagement as it prepares the proposed legislation. He added that lessons from the existing system will play a key role in shaping the reforms.
