The Ghana Gold Board (GoldBod) has announced a special temporary bonus scheme for licensed miners as part of efforts to discourage gold smuggling and support the industry.

In a statement issued on Wednesday, August 27, GoldBod said licensed miners will now receive an additional GH¢832 per pound of gold sold through official channels.

According to the Board, this means that instead of the current local market price of GH¢8,868, miners will now earn GH¢9,700 per pound of gold.

Explaining the rationale behind the initiative, GoldBod said the move was designed to cushion miners against recent market challenges.

“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi,” the statement read.

The Board added that miners have been instrumental in boosting Ghana’s gold output and strengthening foreign exchange reserves. It stressed that these miners should not be made to suffer losses caused by the very economic progress they have helped achieve.

“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings do not indirectly suffer as a result of the significant appreciation of the Ghana cedi, that they have helped the country achieve,” it added.

GoldBod further assured that it has provided the necessary resources and directives to its licensed traders nationwide to ensure prompt payment of the special bonus to all licensed miners who sell their gold to the GoldBod.