Mining Consultant Wisdom Edem Gomashie has raised concerns about the operations of the Ghana Gold Board (GOLDBOD), warning that without proper mechanisms, the initiative could become an avenue for state-sponsored galamsey.
Speaking on Adom FM’s Dwaso Nsem, Mr. Gomashie acknowledged the initiative’s potential benefits but stressed the need for transparency and accountability.
“The initiative is very good because now all gold trading activities will be brought to one table. It also builds on the gold-for-oil and domestic gold-buying initiative by the previous government,” he stated.
His remarks follow Finance Minister Dr. Cassiel Ato Forson’s announcement in the 2025 budget statement that GOLDBOD will purchase and export at least three tonnes of gold per week from small-scale miners.
The minister explained that the initiative aims to formalize small-scale mining, boost gold exports, and stabilize the sector.
However, Mr. Gomashie questioned the feasibility of the plan, particularly regarding the source of the gold and responsible sourcing strategies.
“In 2024, Ghana exported over four million ounces of gold, with large-scale miners producing about 2.9 million ounces—approximately 83 tonnes—while small-scale miners produced around three tonnes per month. Even with that, the NDC claimed the three tonnes were largely from galamsey.
“But now, they are seeking to do this weekly—12 tonnes per month. So what are they going to do differently? What will be the responsible sourcing strategy? How many small-scale miners are duly registered, and where is the data to back this project?” he questioned.
He further called for an environmental impact assessment before the initiative takes off, urging regulatory bodies such as the Minerals Commission, Water Resources Commission, and the Environmental Protection Agency (EPA) to play a crucial role.
“The regulators must help GOLDBOD understand the environmental impact of their projections. Otherwise, the fight against galamsey will be difficult,” he said.
Mr. Gomashie also expressed concerns over reported plans to collateralize gold reserves.
“Sammy Gyamfi has announced plans to collateralize gold that the government doesn’t have. This suggests the government itself will engage in galamsey,” he alleged.
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