Hon. Tweneneboah Kodua Fokuo, MP for Manso Nkwanta Constituency
Deputy Ranking Member on Parliament’s Economy and Development, Hon. Tweneneboah Kodua Fokuo, has expressed concerns that making the Ghana Gold Board (GoldBod) the sole buyer of gold in Ghana will be problematic for the country’s mining sector.
According to the NPP MP for Manso Nkwanta Constituency in the Ashanti region, monopolizing gold buying in Ghana will only encourage gold smuggling.
Speaking on OTEC 102.9 FM’s morning show dubbed ‘Nyansapo’, hosted by Kwaku Owusu Boateng on Tuesday April 28, 2025,the Former Managing Director, National Investment Bank (NIB) said the bill should have been molded to allow for competitive pricing.
This, according to him, would have given sellers and buyers an opportunity to decide where to sell their product for competitive prices.
“Allowing only GoldBod as the only buyer of gold was very wrong, and it’s all because the majority rushed with the bill,” he said.
“Parliament needed time to scrutinize the bill and ensure every aspect of the law is well-crafted for the good of the mining sector, but that was not the case.”
Dr. Forkuo added that, for the Minority, they have consistently pointed out some of these problems, but the Majority has the numbers and went ahead to pass the bill into law.
Ghana’s Parliament passed the landmark GoldBod Bill in March 2025, a move hailed as a transformative step in the country’s economic history.
The bill establishes the Ghana Gold Board (GoldBod), a regulatory body designed to oversee gold trading, stabilize the cedi, and maximize revenue from gold exports.
The GoldBod will act as the sole buyer of gold from legal small-scale miners, reducing smuggling and enhancing traceability. It will also support Ghana’s efforts to secure certification from the London Bullion Market Association (LBMA), boosting international confidence in Ghanaian gold.
Dr. Forkuo has, however, insisted that the bill will not change anything in the mining industry.
Source: Ghana/otecfmghana.com/ Kwame Agyenim Boateng, Kumasi.
