Abu Jinapor Questions Government’s Plan for Proposed Gold Board

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Accra, March 4, 2025 – The Member of Parliament for Damongo Constituency, Samuel Abu Jinapor, has urged the Government to clarify the role and mandate of the proposed Gold Board, arguing that its purpose remains unclear and could affect investor confidence in Ghana’s mining sector.

The Gold Board, a manifesto promise of the governing National Democratic Congress (NDC), is aimed at regulating the gold industry, stabilizing the cedi, and maximizing gold revenue. However, concerns have been raised about its potential overlap with existing regulatory bodies.

Concerns Over Duplication of Functions

Speaking in a statement posted on his Facebook page, Mr. Jinapor, a former Minister for Lands and Natural Resources, questioned why the Gold Board is necessary when Ghana already has established institutions managing the gold industry.

📌 Existing regulatory bodies include:

Ministry of Lands and Natural Resources
Minerals Commission
Minerals Income Investment Fund (MIIF)
Bank of Ghana

He asked, “What will be the mandate of this proposed Gold Board? How will it co-exist with time-tested institutions such as the Minerals Commission?”

Another major concern raised is whether the Gold Board will take over key functions, such as:
✅ Granting of gold export licenses, currently managed by the Ministry of Lands and Natural Resources.
✅ Regulating gold trade, a role performed by the Bank of Ghana and the Minerals Commission.

Unanswered Questions on Gold Trade Policy

Mr. Jinapor’s concerns follow remarks by the Governor of the Bank of Ghana, who stated that the Gold Board will take over the Bank’s Domestic Gold Purchase Programme once established.

This has sparked fears that the new body might:
❌ Monopolize gold purchases and exports, reducing private sector involvement.
❌ Disrupt Ghana’s current mining framework, which is globally respected.

While acknowledging the importance of maximizing mineral benefits, Mr. Jinapor warned against duplicating the functions of existing institutions, stating that Ghana must protect its hard-earned reputation in the global mining industry.

Call for Clarity from Government

With uncertainty surrounding the Gold Board’s structure and operations, the MP called on the Government to provide clear guidelines to ensure transparency and avoid policy conflicts.

📌 Key Questions Government Must Answer:
🔹 Will the Gold Board replace any current state institution?
🔹 How will it impact private gold exporters?
🔹 What are its specific roles in gold price regulation and revenue collection?

As stakeholders in the mining sector await further details, industry players remain cautious about how this new policy will shape Ghana’s mining future.

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