Parliament passes Ghana Gold Board Bill after heated debate
Parliament has officially passed the Ghana Gold Board (GOLDBOD) Bill 2025, setting up a regulatory body to oversee the country’s gold sector. The move aims to improve transparency, track gold transactions more effectively, and boost foreign exchange earnings. The newly established board will be responsible for managing the purchase, sale, and export of gold, with hopes of generating revenue to stabilize the cedi.
Despite the bill’s objectives, its passage was not without controversy. The Minority in Parliament strongly opposed it, arguing that it could inadvertently encourage illegal mining, commonly referred to as “galamsey.” As a result, they staged a walkout during deliberations, voicing their concerns over the government’s allocation of GHC 4.6 billion to support the initiative.
Minority Leader Alexander Afenyo-Markin criticized the bill, questioning the government’s true commitment to fighting illegal mining. “Instead of directing resources into agriculture, women’s banking, or the 24-hour economy initiative, the government is funneling billions into what is essentially a ‘Galamsey Board,’” he stated.
On the other hand, the Majority sees the bill as a game-changer. Majority Leader Mahama Ayariga praised the legislation, calling it a “historic achievement” that will help formalize the small-scale mining sector. “We have worked tirelessly to pass this important bill, and we should be proud. This is proof that the 24-hour economy has started right here in Parliament,” he remarked.
With its establishment, GOLDBOD is expected to purchase and export at least three tonnes of gold weekly, a move aligned with Ghana’s broader efforts to secure certification from the London Bullion Market Association (LBMA) and bring greater stability to the mining sector.
By: Linda Akite
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