Civil Society activist, Dr Steve Manteaw has said that his cursory analysis of the draft Goldbod bill reveals some potential regulatory conflicts or overlaps with the Minerals Commission’s mandate.
He advises that this must be looked at. He explained that local content in mining has two sides i.e. forward and backward linkages.
Currently, he said, the Minerals Commission has the mandate for both, even though the focus has been on the input side. Act 703 of 2006 will have to be amended to scale these potential overlaps.
Dr Manteaw however commended the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi for the way and manner the draft bill for the Goldbod has been handled.
He observes that Sammy Gyamfi and his team have been transparent and willing to listen and accommodate even dissenting views.
He said this on his Facebook page on Tuesday, February 11 after partaking in a stakeholder consultation on the Establishment of the Goldbod.
Dr Manteaw said “I must congratulate Sammy Gyamfi and his team for their openness, willingness to listen, and to accommodate dissenting views. My cursory analysis of the draft Goldbod bill reveals some potential regulatory conflicts or overlaps with the Minerals Commission’s mandate that must be looked at.
“Local content in mining has two sides i.e. forward and backward linkages. Currently Minerals Commission has the mandate for both, even though the focus has been on the input side. Act 703 of 2006 will have to be amended to scale these potential overlaps.
“The good thing about the consultation is that, those leading the process appear to be genuinely open and responsive to concerns of Stakeholders. I urge all to take interest and provide feedback to enhance these efforts at ensuring that Ghana’s gold benefits Ghanaians.”
Earlier, Sammy Gyamfi said that the government’s quest to establish the Ghana Gold Board (GoldBod) was to regulate the small-scale mining sector.
It is also to revitalise Ghana’s gold industry, enhance foreign exchange inflows and contribute to stabilising the local currency.
“This project is designed to transform the sustainable management and marketing of Ghana’s gold resources. The GoldBod will also seek to formalise the small-scale gold mining sector, a critical component of the nation’s mining industry,” Sammy Gyamfi said in an interview with 3news on January 23.
With a huge responsibility on his shoulders, Sammy Gyamfi steps into the role at a time when Ghana’s mineral sector holds immense promise for economic transformation.
PMMC, the legally authorised body for grading, valuing, processing, buying and selling precious minerals in Ghana, boasts of cutting-edge technology and unmatched expertise in determining the purity of gold, diamonds and other precious minerals.
Key among Sammy Gyamfi’s immediate mandate is spearheading the establishment of the Ghana Gold Board (GoldBod), a flagship initiative under the administration of President John Dramani Mahama.
Under the guidance of the Finance Ministry, this initiative is to inject transparency and professionalism into a sector historically confronted with challenges.
With gold prices projected by Databank Research to rise to between $2,500 and $3,100 per ounce by end 2025, driven by geopolitical tensions and potential U.S. interest rate cuts, Ghana stands to gain significant forex inflows with proper management of its natural resources.
Finance Minister, Dr. Cassiel Ato Forson at his vetting on January 13,2025 indicated that the establishment of Ghana Gold Board would in the long run see to stabilize the struggling cedi.
“In the long term as a country, we need to sustainably anchor the Ghana Cedi with a number of policies. First is the establishment of the Ghana Gold Board. This will help us use the gold in a way that brings in the needed forex to support the Cedi in the very short term,” he stated.
