Strategist and financial-services professional, Dr Daniel Osei Yeboah, has called on the Ghana Gold Bod (GoldBod) to use the country’s vast gold resources to drive sustainable economic growth and deliver greater benefits to Ghanaians.
According to him, Ghana’s position as one of Africa’s leading gold-producing countries presents a major opportunity to strengthen the national economy, increase foreign-exchange earnings and create jobs through a well-regulated gold industry.
In a thought-leadership article published in September 2026, Dr Yeboah said the establishment of GoldBod under the Ghana Gold Bod Act, 2025 (Act 1140), provides an important framework for reforming the gold sector.
He noted that GoldBod has been mandated to oversee and regulate activities including the buying, selling, assaying, refining and export of gold and other precious minerals, as well as licensing, responsible sourcing, traceability and local value addition.
He argued that the integrated system could help tackle challenges such as smuggling, under-declaration of gold, illegal trading, inconsistent pricing and the loss of foreign-exchange earnings.
GoldBod and economic stability
Dr Yeboah said gold remains one of Ghana’s most important export commodities and, if properly managed, could contribute significantly to the country’s economic stability.
He said GoldBod could support this objective by ensuring that gold purchases and exports are conducted through transparent and regulated channels while contributing to efforts to strengthen Ghana’s gold reserves.
However, he cautioned that gold trading involves significant financial and market risks, including fluctuations in international gold prices, currency risks and operational risks.
He therefore called for strong treasury management, independent audits, effective internal controls and comprehensive risk-management systems within GoldBod.
Formalising small-scale mining
Dr Yeboah also emphasised the need for GoldBod to support the formalisation of artisanal and small-scale mining, which provides livelihoods for numerous families across the country.
He said formalisation should go beyond enforcement and provide miners with practical incentives to operate legally and responsibly.
Among the measures he proposed are competitive and transparent gold prices, prompt payments, accessible licensing and registration processes, approved buying centres, digital payment systems and verified transaction records.
He also called for technical assistance, safety training, appropriate mining equipment, insurance and financing opportunities for miners who comply with environmental and regulatory requirements.
Tackling gold smuggling
On gold smuggling, Dr Yeboah said the practice deprives Ghana of foreign exchange, taxes, royalties and accurate production data.
He proposed stronger collaboration between GoldBod and institutions including the Minerals Commission, Bank of Ghana, Ghana Revenue Authority, Financial Intelligence Centre and security agencies.
He said every gold consignment entering the formal supply chain should be connected to a verified licence, source, payment record, assay result and export documentation.
“Enforcement must be firm, lawful and transparent,” he stressed, adding that there should be no political interference, selective prosecution or protection for individuals involved in illegal gold trading.
Environmental protection
Dr Yeboah further argued that GoldBod’s performance should not be judged solely by the volume or value of gold exported.
He said the institution must also consider the impact of mining activities on Ghana’s rivers, forests, farmlands and mining communities.
He called on GoldBod to ensure that it does not purchase gold linked to illegal mining, child labour, human-rights abuses or environmental destruction.
He proposed the establishment of a national responsible-sourcing and traceability system capable of identifying the origin of every gold consignment.
Licensed buyers and aggregators, he said, should be required to conduct proper due diligence and face meaningful sanctions when they purchase illegally mined gold.
He also advocated allocating part of the value generated within the gold supply chain to land reclamation and the restoration of polluted water bodies.
Greater focus on local value addition
Dr Yeboah said Ghana must move beyond producing and exporting largely raw gold and position itself as a major hub for refining, bullion production, jewellery manufacturing and other gold-related industries.
According to him, expanding local processing would create skilled employment, retain more economic value within Ghana and increase the participation of Ghanaian businesses in international markets.
Seven-point strategic agenda
To achieve these objectives, Dr Yeboah outlined a seven-point agenda for GoldBod.
These include:
- Digital traceability – Tracking gold from licensed sources through to final export.
- Sound governance – Strengthening audit, compliance and risk-management systems.
- Miner confidence – Providing competitive prices and prompt, transparent payments.
- Effective enforcement – Combating smuggling and illegal trading without fear or favour.
- Responsible sourcing – Linking gold purchases to environmental and social safeguards.
- Local value addition – Expanding refining, jewellery production, fabrication and gold-based investment products.
- Public accountability – Providing regular information on gold purchases, export volumes, earnings, costs, licensed operators and the institution’s contribution to national reserves.
Governance as the foundation
Dr Yeboah stressed that strong governance would be critical to GoldBod’s success because the institution is responsible for managing one of Ghana’s most valuable natural resources.
He called for periodic publication of information on gold purchases, export volumes, foreign-exchange proceeds, operating costs, licensed participants and contributions to national reserves, while protecting genuinely sensitive commercial information.
He also urged authorities to base appointments and recruitment at GoldBod on competence and professionalism.
“Procurement must be transparent, financial statements independently audited and conflicts of interest properly declared and managed,” he said.
GoldBod’s opportunity
Dr Yeboah concluded that GoldBod presents Ghana with a historic opportunity to exercise greater control over its gold resources and convert mineral wealth into sustainable national development.
He, however, noted that establishing the institution was only the beginning, stressing that GoldBod must build the confidence of miners, traders, financial institutions, international buyers and the Ghanaian public through competence, transparency and measurable results.
If effectively governed, he said, GoldBod could help increase foreign-exchange earnings, strengthen national reserves, formalise small-scale mining, reduce gold smuggling, protect the environment and create new industries and employment opportunities.
“Ghana’s gold must do more than leave the country; it must work for present and future generations,” he stated.
By: Dr Daniel Osei Yeboah,
Financial-Service Professional and Advocate for Sustainable African Development.