Chairman of Parliament’s Subsidiary Legislation Committee, Patrick Boamah, has raised concerns about the legitimacy of GoldBod’s operations which began earlier this year.

According to him,  a letter from the Ministry of Finance confirmed that no allocations have been made to the Board.

Yet, the Board has been seen “appointing brand ambassadors, delivering pickups to institutions and making public donations.”

“Where is the Gold Board getting all that gold from? Is it from responsible mining? Is it from small-scale miners? Or is it from galamsey sites? The Ministry has not received, transferred, or made any allocation to the Gold Board. So now the question is, how is the GoldBod being funded? Is it from the Central Bank? Is the Bank of Ghana printing money to fund the GoldBod? Why must the Bank of Ghana be doing that?” he told the media.

Mr Boamah believes GoldBod may be failing to meet basic legal obligations under Section 42 of its establishing Act.

“If you go to the Gold Board’s website right now, you will not find anything as required by the Act. The GoldBod came into being in April, and we are now at the end of October that is well over a quarter. All this information ought to be there,” the member of the Minority in parliament indicated.

Mr Boamah is demanding immediate answers to ensure the state is not indirectly fuelling illegal mining.

A US$1 billion Memorandum of Understanding (MoU) has been signed by Ghana Gold Board (GoldBod) and Goldstream Global DMCC for the purpose of developing more than 300 responsible mines across the country.

The Memorandum of Understanding will be centered on working with concession owners to develop reserved mineral-rich zone, however, it is expected to transform into a commercial agreement by November 2025

CEO of GoldBod, Sammy Gyamfi, stated that the initiative will promote sustainable mining and bolster Ghana's gold output with the support of the Ministry of Lands and Natural Resources and its relevant agencies.

"Under this program, GoldBod will collaborate with the Ministry of Lands and Natural Resources and its allied agencies, such as the Minerals Commission of Ghana, to develop mineralised areas. We will also partner with concession owners and local communities to maximise Ghana’s gold output through sustainable mining," he said, while announcing the signing at the maiden Mining and Minerals Convention on September 8, 2025.

Mr Sammy Gyamfi further introduced a Mining Support Program designed to generate employment for young people and enhance mining operations across the country.

"This crucial Mining Support Program (MSP) will increase national gold output and create thousands of jobs within the mining ecosystem for our teeming unemployed youth. The Minerals Commission has released ten blocked-out mineralised areas to GoldBod for this program and has pledged to release more in the coming weeks," he added.

The Minerals Commission has so far allocated ten areas to GoldBod for the first phase of this project.

In April this year, the Gold Board (GoldBod) successfully secured an agreement with nine large-scale mining companies to purchase 20 percent of their gold output locally, as part of a national effort to strengthen Ghana’s gold reserves and reduce foreign dependency.

The strategic pact follows extensive negotiations between GoldBod officials and mining companies outside the scope of the Bank of Ghana’s Domestic Gold Purchase Program.

The companies participating in this initiative include Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited, and Gan He Mining Resource Development Limited.

According to the agreement, each of the nine companies was required to deliver 20% of any gold they intend to export to GoldBod in the form of doré bars. These deliveries were said to be made at a designated collection point, Assay Laboratory at the Kotoka International Airport.

Payments for the gold were made in Ghana cedis, calculated using the London Bullion Market Association (LBMA) AM spot price with a 1% discount, and settled within two working days of delivery. The prevailing Daily Interbank FX (Weighted Median) Rate, as published by the Bank of Ghana, were be used as the standard exchange rate.

Acting Chief Executive Officer of the GoldBod, Mr. Sammy Gyamfi Esq., expressed appreciation to the mining firms and the Ghana Chamber of Mines for their support and alignment with the government's strategic objectives.

He remarked, “This agreement is part of the GoldBod’s bid to boost gold and foreign reserve accumulation by the Bank of Ghana in line with the vision of the President.”

Mr. Gyamfi further lauded the companies for their willingness to contribute to President John Dramani Mahama’s broader goal of ensuring the nation derives optimal value from its mineral wealth.

To formalize this new framework, all parties involved were expected to sign the official agreement on May 15 as the program officially began on June 1.

In a contrasting development, the Ghana Gold Board (GoldBod) implemented a significant regulatory change aimed at tightening control over the country’s artisanal and small-scale mining (ASM) gold trade.

Effective immediately, all current gold trading licenses issued by the Precious Minerals Marketing Company (PMMC) or the Minister for Mines, with the exception of those held by large-scale mining companies, were considered invalid.

This decision was supported by the Ghana Gold Board Act (Act 1140), which was approved by Parliament on March 29 and received the President’s assent on April 2.

Under the new framework, GoldBod assumed exclusive authority as the official buyer, seller, assayer, and exporter of all gold produced by licensed Artisanal and Small-Scale Mining (ASM) operators in Ghana.

This measure is intended to combat illegal activities, improve trade efficiency, and ensure comprehensive government oversight of the ASM industry.

“No individual or entity, other than the Ghana Gold Board, is authorized to export ASM gold from the country,” the statement clarified.

To ensure a smooth transition, GoldBod announced a grace period for holders of existing licenses.

These entities continued their operations until April 30, 2025. However, starting May 1, 2025, engaging in gold transactions without a GoldBod-issued license was treated as a criminal offense.

In a bid to enforce monetary control and encourage domestic transactions, the new directive required all licensed local gold buyers to conduct business exclusively in Ghanaian cedis, with exchange rates sourced from the Bank of Ghana’s official website.

In a significant shift, foreign nationals were required to exit the local ASM gold trading market by April 30, 2025. While foreign entities were permitted to still apply to GoldBod for the right to purchase gold, they were no longer allowed to operate independently within the ASM trade.

“It is important to note that beginning May 1, 2025, purchasing or trading in gold within Ghana without a valid GoldBod license will constitute a punishable offense,” the statement emphasized.

Starting April 22, 2025, Ghanaian citizens and wholly Ghanaian-owned companies wishing to enter the gold trade were permitted to apply for new licenses through the GoldBod Licensing and Regulations office in Accra or via their online portal.

This overhaul of the regulatory framework was intended to increase transparency, eliminate illegal players, and enhance government revenue from Ghana’s booming ASM gold industry, which contributes over 30% to the nation's total gold production.