The Member of Parliament for the Damongo Constituency and former Minister for Lands and Natural Resources, Samuel A. Jinapor, has called on the government to clarify issues relating to the proposed Gold Board.
He stated that the concept raises more questions than answers, and the government must provide clarity to sustain investor confidence in the mining sector.
The Gold Board is one of the NDC’s manifesto promises for the mining sector. Although it has been described as a top priority for economic revitalization, the concept remains unclear to many stakeholders in the industry.
On January 27, 2025, the Minister for Finance, 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.
In his maiden State of the Nation Address, the President also stated that the board would ensure effective governance of the gold industry.
These statements have raised concerns among industry players about the role of the Gold Board, considering that specific state institutions are already mandated by law to regulate the sector.
In a statement posted on his Facebook page, the former minister questioned the relevance of the proposed board.
He stated that the Ministry of Lands and Natural Resources, the Minerals Commission, the Minerals Income Investment Fund (MIIF), and the Bank of Ghana are the principal state agencies responsible for regulating the exploitation, management, and utilization of Ghana’s gold resources and their proceeds.
“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?” he queried.
Mr. Jinapor also asked whether the government intends to take away the statutory functions of the Minister for Lands and Natural Resources in granting licenses for gold exports and the role of the Bank of Ghana in gold trade and transfer these responsibilities to the proposed board.
This follows comments from the Governor of the Bank of Ghana that the Gold Board will take over the Bank’s Domestic Gold Purchase Programme once established.
Another concern raised by the former minister is the suggestion that the Gold Board will be solely responsible for the purchase and export of gold, which could impact private sector players invested in the gold trade. He called on the government to provide more clarity on the concept and avoid duplication of the functions of state institutions.
“While it is commendable to implement additional measures and interventions to maximize the benefits of our mineral resources, it is also important not to duplicate the mandate of institutions that are already performing these functions,” the statement said.
Mr. Jinapor noted 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 in a manner that could undermine Ghana’s hard-won reputation in the sector.