Minority to introduce bill to reform Gold Board

The Minority in Parliament has announced plans to present a Private Member’s Bill aimed at amending the Ghana Gold Board Act, citing inefficiencies and financial losses within the current system.

Speaking during an engagement with the Ghana Employers Association, Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the caucus had long identified major gaps in the existing framework governing the Gold Board.

He noted that a key concern is the combination of regulatory and commercial responsibilities within a single institution, warning that such a structure could weaken oversight and accountability.

According to him, the Minority had previously proposed several reforms, including separating the roles of regulator and trader to prevent conflicts of interest and improper funding of regulatory activities.

Mr Nkrumah also indicated that the caucus recommended changes to certain provisions in the law, such as the definition of gold hoarding, which he said affects jewellers and other stakeholders in the value chain.

While some of their suggestions were considered, he said many were ultimately disregarded, leaving significant flaws in the current legislation.

He further raised concerns about the financial burden on government, noting that incentives paid to gold dealers to reduce smuggling end up lowering returns on gold purchases.

Despite this, he emphasised that the Minority is open to further stakeholder consultations as it prepares the proposed bill, adding that lessons from the current system will guide future reforms.

The proposed legislation is expected to enhance regulatory clarity, improve operational efficiency, and better protect the interests of private sector players in Ghana’s gold industry.