Senior Vice President of IMANI Africa, Kofi Bentil, has questioned the government’s decision to invest in the controversial Ghana Gold Board (Goldbod) initiative.
In his view, there is no need for the government to put any state funds behind the buying of gold in the country.
Mr. Bentil believes that alternatively there could have been an arrangement such that private funds will be used and that there are enough people trying to buy gold.
The government has enacted GoldBod Act, 2025 — a bold move to regulate Ghana’s gold industry through the establishment of the Ghana Gold Board.
The government has highlighted the economic benefits of the Goldboard, stating that it would have the capacity to purchase up to three tonnes of gold per week, generating approximately $250 million in foreign exchange weekly and earmarked GHS4.6 billion in the 2025 budget as seed capital to ensure a smooth take-off of the Goldboard.
The establishment of the Goldboard aligns with the National Democratic Congress’ (NDC) 2024 election campaign pledge to stabilize the local currency and bolster the economy against external shocks through gold-backed forex reserves.
But speaking on JoyNews’ Newsfile on Saturday, Mr. Bentil argued that any investments by the government in that regard is needless.
“Every money we put in the buying of gold as a government, tomorrow we will come back and establish probes around it because they will be wasted and looted” he said.
The IMANI Africa Senior Vice President noted that the policy is also riddled with conflicts of interest.
“When the commercial entity is also the regulating entity, you are dealing with somebody but you are the person policing the person, there too many conflict there. In our eagerness to try and stop galamsey we may be making too many mistakes It’s a good direction but this model is problematic”.
source: mypublisher24.com
