Finance and Economic Policy analyst Senyo Hosi has stated that the Ghana Gold Board (GOLDBOD) will not be a failure like the Cocoa Board (COCOBOD).
According to him, the GoldBod will be successful if its governance and operational structures are competently implemented.
The Ghana Gold Board is a government-owned entity tasked with supervising and advancing the gold industry in Ghana.
Its key objective is to ensure that the gold sector functions efficiently, sustainably, and in alignment with national development goals, ultimately driving economic progress.
In an article titled “OUR GOLD AND THE GOLDBOD”, Mr. Hosi catalogued a number of reasons he believes when followed will help the nation’s gold on the international market.
According to him, the centralization of the trade presents international buyers with strong options for quality assurance and an opening for the marking and unique branding of Ghana’s Gold.
“I do not see the GoldBod becoming a failure like COCOBOD, if the fundamental governance, transparency and accountability structures are competently woven in its implementation. Its regulatory and operating framework must flow from existing structures to make market adaptability easy.
“At the heart of its success will be its commercial sanctity. The trade today doles out discounts of 5 to 15% subject to prefinance terms. If GoldBod buys within same market provisions and absorbs the gold export tax of 1.5%, it will not just run a government monopoly but will prove to be the most optimal commercial partner for small scale miners and aggregators. GoldBod must use its scale and influence to not just make smuggling illegal but also senseless.
Attached below is the full statement
