By: Magdalene Andoh
The Ghana Gold Board (GoldBod) has introduced a special bonus of GH₵832 per pound of gold for all licensed miners across the country.
This development means that a pound of gold, which would have sold for GH₵8,868 on the local market, is now fetching GH₵9,700 under the new arrangement. The bonus is described as a temporary intervention designed to cushion miners against the adverse effects of the recent appreciation of the Ghana cedi, which has led to a decline in the local gold price.
According to GoldBod, the incentive responds directly to “legitimate complaints” from miners who have expressed concerns about losing value despite their contribution to Ghana’s growing gold output and foreign exchange reserves.
“The special bonus will ensure that licensed miners who have worked tirelessly to support the economy do not suffer indirectly as a result of the very success they have helped the country achieve,” the statement read.
GoldBod further assured that its network of licensed traders across the country has been resourced and directed to ensure prompt payment of the bonus to all miners who sell their gold through official channels.
The move is also seen as a strategic step to discourage smuggling and keep Ghana’s gold sales within legal markets, ultimately safeguarding state revenue.
The statement was signed by Prince Kwame Minka, Media Relations Officer of GoldBod.
One Response
Gold Miner Commends Government’s Goldbod Initiative, Calls for Review of Pricing to Curb Smuggling
Accra – A leading gold miner and businessman, Alhaji Sulemana Alhassan Atakpo of Suul-Mak Ltd, has praised government for the establishment of the Gold-for-Reserves (Goldbod) programme, describing it as a groundbreaking policy that has significantly contributed to the stabilization of the Ghana cedi (GHC).
According to him, the initiative has reduced Ghana’s dependency on the U.S. dollar for key imports and has demonstrated how the country’s natural resources can be used to defend its economy.
“As a miner and businessman, I can confidently say that the Goldbod initiative is one of the smartest economic strategies we have seen in decades,” Alhaji Atakpo said. “By using our own gold to back reserves, government has protected the cedi from extreme depreciation and shown that Ghana can rely on its resources for stability.”
He also commended the Chief Executive Officer of Goldbod for his commitment and dedication to ensuring the success of the programme, describing his leadership as “visionary and practical.”
At the same time, Alhaji Atakpo expressed gratitude to former President John Dramani Mahama, noting that his leadership and policy direction laid the foundation for bold economic initiatives like Goldbod. “We thank President Mahama for his great leadership and vision for the mining sector, which continues to benefit the nation today,” he added.
Despite the successes, Alhaji Atakpo cautioned that gold smuggling remains a major risk that could undermine the sustainability of the programme.
“The government must urgently look at the incentives for miners and buyers. At the moment, the pricing structure of GHC 100 to 800 per pound is not competitive and discourages some miners from selling through official channels. If pricing is not reviewed to reflect fair international value, then the temptation to smuggle gold will increase—and this could destabilize the cedi very badly,” he warned.
He therefore called on the Ministry of Finance, the Bank of Ghana, and the Minerals Commission to work closely with stakeholders to review the pricing mechanism and create more attractive conditions for legal gold trade.
“Goldbod is a visionary policy and we, as miners, are ready to support it. But government must ensure the pricing structure is fair, so that miners and buyers remain committed to the official system,” Alhaji Atakpo concluded