Economist Senyo Hosi has welcomed the establishment of GoldBod by the government as part of efforts to regulate and optimize the country’s benefits from the trade in gold and other precious minerals.
According to Hosi, the initiative is a strong and conceptually potent proposition that, if well implemented, will benefit the nation.
“We are informed that GoldBod will be responsible for the trade of 100% of all small-scale mining and will secure for us our full forex receipts. I support it,” he stated.
He emphasized that centralizing gold trade offers international buyers strong quality assurance options while creating opportunities for branding Ghana’s gold. “I do not see GoldBod becoming a failure like COCOBOD if the fundamental governance, transparency, and accountability structures are competently woven into its implementation,” he added.
Hosi stressed that the regulatory and operational framework of GoldBod must align with existing structures to ensure easy market adaptability. “At the heart of its success will be its commercial sanctity,” he explained.
He noted that the gold trade currently provides discounts of 5% to 15%, depending on pre-financing terms. Therefore, if GoldBod purchases within the same market provisions while absorbing the 1.5% gold export tax, it will not only run a government monopoly but also become the most optimal commercial partner for small-scale miners and aggregators.
“GoldBod must use its scale and influence to make smuggling not just illegal but also senseless,” he concluded.