Government’s GoldBod Bill Sparks Debate Over Illegal Mining
Parliament has passed the Ghana Gold Board Bill, 2025, paving the way for the establishment of the Ghana Gold Board (GoldBod), an entity designed to regulate gold purchases, sales, and exports. The initiative aims to enhance transparency, improve gold traceability, and boost foreign exchange earnings to stabilize the cedi. However, the bill has faced strong opposition from the Minority in Parliament.
Concerns from the Minority
Minority Leader Alexander Afenyo-Markin has raised concerns about the government’s true intentions regarding illegal mining, commonly known as galamsey. He questioned the rationale behind allocating GHC4.6 billion to the initiative instead of investing in sectors like agriculture, women’s banking, and the 24-hour economy.
“We all know the struggles this country faces with galamsey. The same government that promised to fight it is now creating what is essentially a ‘Galamsey Board.’ Instead of investing in other important sectors, they are channeling GHC4.6 billion into galamsey operations,” Afenyo-Markin stated.
He further criticized the move, arguing that the government’s actions contradict its public stance against illegal mining. “How can you claim to be fighting galamsey while forming an entity to regulate and fund it? This government is not serious about ending illegal mining,” he added.
Government’s Justification for GoldBod
The government, however, maintains that GoldBod will help formalize and regulate Ghana’s gold sector, ensuring responsible mining practices and maximizing state revenue. Officials argue that by centralizing gold purchases from small-scale miners, GoldBod will curb gold smuggling, enhance transparency, and strengthen Ghana’s gold reputation on the international market.
Accusations of Legitimizing Galamsey
Despite the government’s assurances, the Minority insists that GoldBod will effectively legitimize illegal mining activities. At a press briefing in Parliament on March 28, Afenyo-Markin described the initiative as a “Galamsey Board” rather than a regulatory body.
“Our friends in government, who once condemned galamsey, are now the ones promoting it. They are using their majority to establish what has become known as a ‘Galamsey Board,’” he argued.
He reiterated the Minority’s concerns about the government monopolizing gold purchases from small-scale miners while simultaneously providing them with financial support, a move he believes contradicts the fight against illegal mining.
Former Finance Minister Raises Structural Concerns
Former Finance Minister Dr. Mohamed Amin Adam has also expressed concerns over the structure of GoldBod, warning that combining commercial operations with regulatory functions could create conflicts of interest.
“The model where institutions are established to play multiple roles—combining commercial functions with regulatory oversight—is discouraged worldwide,” he stated.
Dr. Amin Adam emphasized that international best practices require a clear separation between commercial and regulatory functions to ensure proper oversight. He pointed to Ghana’s oil sector as an example where the Petroleum Commission was separated from the Ghana National Petroleum Corporation (GNPC) to avoid conflicts of interest.
Government Officials Defend GoldBod
In response to the criticisms, the acting Managing Director of the Precious Minerals Marketing Company, Sammy Gyamfi, dismissed claims that GoldBod would promote illegal mining.
“GoldBod is not here to support galamsey. It is here to ensure that the government has a firm grip on gold transactions while safeguarding the interests of legitimate small-scale miners,” he emphasized.
According to Gyamfi, GoldBod will operate within a strict regulatory framework, dealing only with licensed small-scale miners and preventing illegal miners from benefiting. He reassured lawmakers that both sides of Parliament are generally in favor of the bill, with the Minority only proposing a few adjustments to enhance its effectiveness.
Conclusion
As Parliament moves closer to fully implementing the GoldBod initiative, the debate over its impact on illegal mining continues. While the government sees it as a step toward regulating and formalizing Ghana’s gold sector, the Minority and some experts remain skeptical, warning that it could legitimize galamsey under the guise of regulation. With the bill expected to be passed soon, stakeholders will be watching closely to see how GoldBod affects the nation’s fight against illegal mining.