President John Dramani Mahama says Ghana has officially transitioned from policy design to full-scale implementation of the Ghana Gold Board (GoldBoD), marking a significant step in the country’s efforts to formalise the gold trade and strengthen its economy.

Speaking at the inauguration of the Gold Board task force entrusted to deal with illegal gold trading President Mahama recounted the policy’s journey, noting that the idea was first introduced in the NDC’s 2020 manifesto.

“The Ghana Gold Board was first proposed in our 2020 NDC Manifesto. Though we did not win that election, we remained firmly committed to its vision. In our 2024 Manifesto, we elevated the GoldBod to a flagship policy to stabilize the Ghana Cedi, formalize the gold trade, and build foreign exchange buffers.”

He explained that upon taking office, one of his earliest decisions was to appoint Sammy Gyamfi as Acting Managing Director of the Precious Minerals Marketing Company (PMMC), with a clear mandate to transform the agency into what is now the Ghana Gold Board.

“Upon assuming office, one of my earliest appointments was that of Mr. Sammy Gyamfi to lead the transformation of that institution into what is now the Ghana Gold Board,” he stated.

President Mahama also acknowledged the Finance Ministry’s leadership in setting up a technical committee to develop the legal framework.

"Under the leadership of the Minister for Finance, a technical committee was formed to develop the legal and regulatory framework for GOLDBOD" he said.

"The committee conducted consultations across the country with miners, traders, traditional authorities, and civil society laid the foundation for the passage of Act 1140, which is today hailed as a world-class piece of legislation "he affirmed.