Gold Board Bill Full of Ambiguity – Hon. Annoh-Dompreh Raises Concerns
The Minority Chief Whip and Member of Parliament for Nsawam-Adoagyire, Hon. Frank Annoh-Dompreh, has expressed serious concerns about the Gold Board Bill, describing it as “full of ambiguity” despite its good intentions.
Speaking during parliamentary deliberations on the Bill on Friday, March 28, Hon. Annoh-Dompreh cautioned against a rushed passage of the legislation without first addressing what he called “fundamental inconsistencies and unclear provisions.”
“The principles and these matters must be clarified before we proceed,” he said. “For example, the Bill does not distinguish between private and commercial storage of gold, which creates confusion. We must address these ambiguities to ensure the law is clear and effective.”
He added that although the Bill seeks to regulate the gold industry, including aspects like transport, storage, and licensing, several discrepancies exist between the accompanying memorandum and the actual content of the Bill.
“The memorandum speaks of four licensing regimes, yet the Bill itself lists around ten. This kind of inconsistency raises red flags and must be addressed,” he stressed.
Hon. Annoh-Dompreh emphasized the need for a slower, more thorough process to sanitize the Bill, stating, “We are in a rush. Let’s pace ourselves to get this right for the nation.”
Purpose of the GoldBond Bill
The GoldBond Bill seeks to establish the Ghana Gold Board, which will oversee, monitor, and regulate the purchase, trade, and export of gold. It also aims to promote value addition in the gold industry, support the Bank of Ghana in accumulating gold reserves, and boost foreign exchange earnings.
Despite Ghana being Africa’s top gold exporter—recording $11.5 billion in gold exports in 2024—stakeholders say the country does not derive optimal benefits from its vast gold resources. Small-scale miners alone contributed about $4.6 billion (40%) to the total export value, with large-scale miners contributing $6.9 billion (60%).
Key Provisions of the Bill
Creation of Ghana Gold Board: Clauses 1–3 establish the Board as a corporate body responsible for the regulation of gold-related activities, including refining, exporting, and promoting value addition.
Exclusive Export Rights: The Gold Board will be the sole authority to export gold produced by small-scale miners. It will also have the power to assay all gold exported from Ghana.
Mandatory Sales to Gold Board: Small-scale miners will be required to sell their gold only to the Gold Board or its authorized agents. Unauthorized gold hoarding will be prohibited.
Governance Structure: A 13-member Board of Directors, including representatives from the Ministries of Mines and Finance, Bank of Ghana, Minerals Commission, small and large-scale miners, and gold service providers, will oversee operations.
Licensing Regime: The Bill introduces various licences, including for export, storage, and trading. However, discrepancies in the number and definition of licences were a major concern raised by Hon. Annoh-Dompreh.
Support for Small-Scale Miners: Clause 25 mandates the allocation of funds to support licensed small-scale miners, including concessional loans and modern equipment to promote sustainable mining practices.
Financial Provisions
The Bill outlines a comprehensive funding model for the Gold Board. Sources will include parliamentary appropriations, financial market operations, revenue from services, penalties, and donor contributions. The Board will be allowed to borrow, subject to constitutional and financial regulations.
The Gold Board will also enjoy tax exemptions as determined by the Finance Minister, with prior approval from Parliament.
Way Forward
While the Bill promises to transform Ghana’s gold sector and improve state revenue, Hon. Annoh-Dompreh has called for careful scrutiny and revisions to ensure clarity, legal consistency, and effective implementation.
“Let’s do things properly,” he urged. “The intent is noble, but poor guidance and rushed processes could undermine the entire effort.”
Parliament is expected to revisit the Bill at the consideration stage in the coming weeks.
Source: Felix Nyaaba/expressnewsghana.com
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