Executive Director of the Institute for Liberty and Policy Innovation, Peter Bismark Kwofie, has voiced concerns over the establishment of the Gold Board and its exclusive authority as the sole body permitted to purchase gold.
He stated that the decision to make the board the only entity allowed to purchase gold from exporters, particularly small-scale miners, would create a monopoly.
Mr. Bismark Kwofie argued that gold dealers would earn less under the new arrangement than they would if they were able to sell the gold themselves.
Parliament has passed the Ghana Gold Board Bill 2025, which establishes the Gold Board to regulate the gold industry, enhance transparency and traceability, and boost foreign exchange earnings.
According to the government, the Gold Board will revolutionize the gold industry by regulating operations, stabilizing the cedi, and maximizing revenue from gold exports. It will oversee the purchase, sale, and export of gold, generating revenue to help stabilize the cedi.
Mr. Bismark Kwofie, in his opinion, likened the situation to the Ghana Cocoa Board, stating that private gold dealers could lose more than 60% of their income to the government under this system.
In a Facebook post, he wrote: “This is another monopoly. The gold exporters in the private sector will now have to sell to the government. The government will have the monopoly to decide prices and control gold exports from Ghana. Gold dealers will earn less than what they could have earned if they exported the gold themselves. Taking a cue from the cocoa industry, private gold dealers will lose at least 60% of their income to the government. I am sure gold dealers have not yet realized the bleak outlook of their trade.”