Economist Senyo Hosi has welcomed the establishment of the GoldBod by the government as part of the government's strategy to regulate and optimise the country’s benefit from the trade in gold and other precious minerals.

According to Mr. Hosi, it is a conceptually potent proposition that when well implemented will inure to the benefit of the country.

“We are informed that the GoldBod will be responsible for the trade of 100% of all small-scale mining and will secure for us, our full forex receipts. I support it”.

He pointed out that the centralisation of the trade presents international buyers with strong options for quality assurance and an opening for the marking and unique branding of Ghana’s gold, and as such “I do not see the GoldBod becoming a failure like COCOBOD, if the fundamental governance, transparency and accountability structures are competently woven in its implementation”.

“Its regulatory and operating framework must flow from existing structures to make market adaptability easy. At the heart of its success will be its commercial sanctity”, he explained.

According to him, the gold trade today doles out discounts of 5 to 15% subject to prefinance terms.

Therefore, he added that if GoldBod buys within the same market provisions and absorbs the gold export tax of 1.5%, it will not just run a government monopoly but will prove to be the most optimal commercial partner for small-scale miners and aggregators.

“GoldBod must use its scale and influence to not just make smuggling illegal but also senseless”, he concluded.