The Gold Board initiatives, launched by the government to centralize gold trade activities, have received mixed reviews from industry experts. While Mr. Wisdom Edem Gomashie, a mining consultant, praises the initiative as a good step, he expresses concerns about its effectiveness in solving the problems of illegal gold buying and the black market.
Gomashie’s concerns stem from the plan to make the state entity the sole buyer and exporter of gold. He believes this approach may not be effective, given the nature of small-scale mining operations and their understanding of the industry. Small-scale miners, who are a significant part of the industry, may find it challenging to adapt to the new system, potentially hindering the Gold Board’s ability to achieve its targets.
The gold industry in Ghana is a significant contributor to the country’s economy, and regulating it is crucial. However, Gomashie emphasizes that the current approach may not be the most effective way to address the challenges facing the industry. He suggests that a more nuanced approach, taking into account the complexities of the industry and the needs of small-scale miners, may be necessary.
The Gold Board’s initiatives aim to streamline the gold trade, reduce smuggling, and increase government revenue. However, industry experts like Gomashie believe that the success of the initiative depends on its ability to accommodate the needs of all stakeholders, including small-scale miners. A balanced approach that addresses the concerns of all parties involved may be key to achieving the Gold Board’s objectives.
The government’s efforts to regulate the gold industry are commendable, but the effectiveness of the Gold Board initiatives remains to be seen. Industry experts and stakeholders will be watching closely to see how the initiative unfolds and whether it achieves its intended goals.
Story by: Ohemaa Adusi-Poku
