Finance and Economic Policy Analyst Senyo Hosi has expressed confidence in the potential success of the Ghana Gold Board (GoldBod), emphasizing that its effectiveness will depend on sound governance and operational structures.

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The GoldBod, established by the government, is responsible for overseeing and strengthening Ghana’s gold industry. Its primary goal is to ensure efficient and sustainable management of the sector, driving economic growth while positioning Ghana’s gold competitively on the global market.

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In an article titled “Our Gold and the GoldBod” published on March 15, Hosi outlined the board’s potential in improving quality assurance and branding Ghana’s gold internationally. He asserted that, unlike COCOBOD, GoldBod could thrive if built on strong governance, transparency, and accountability.

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“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,” Hosi stated.

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He stressed that the board’s success hinges on a regulatory framework that aligns with industry standards while ensuring market adaptability. He further highlighted that maintaining commercial viability will be crucial, particularly in a market where gold transactions typically involve discounts ranging from 5% to 15% based on pre-financing terms.

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Hosi suggested that if GoldBod integrates these market conditions and offsets the 1.5% gold export tax, it could avoid becoming a government monopoly and instead serve as a strategic commercial partner for small-scale miners and aggregators.

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Hosi also urged GoldBod to leverage its influence to deter gold smuggling, making it not only illegal but financially unattractive. Drawing an analogy to the African Star Apple, locally known as Alasa, he remarked:

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"The sweetness is in the sucking. We should focus efforts on how the GoldBod is structured to win. For it fills a begging gap."

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As part of its mandate, GoldBod will facilitate foreign exchange inflows and gold reserve accumulation. The board is expected to regulate, oversee, and execute various gold-related activities, including purchasing, assaying, refining, and exporting.

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To support its operations, the government will provide a cedi equivalent of US$279 million as a revolving fund, enabling GoldBod to purchase and export at least three tonnes of gold weekly from small-scale miners, Finance Minister Dr. Cassiel Ato Forson has announced.

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