Minority to table private member’s bill to reform GoldBod.

The Minority in Parliament has announced plans to introduce a Private Member’s Bill to amend the Ghana Gold Board Act, citing structural inefficiencies and financial leakages in its current operations.

Speaking at an engagement with the Ghana Employers Association, the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, said the caucus had long identified critical weaknesses in the framework governing the Gold Board.

He argued that one of the fundamental flaws lies in the merging of regulatory and commercial roles within the same institution, warning that such an arrangement could distort oversight and accountability.

“The minority offered a lot of suggestions that we listened to. This programme we started, we know the loopholes, we know the gaps. For example, don’t mix the role of the regulator with the role of the trader. Because if you do, you may end up funding regulatory functions in ways that you shouldn’t,” Mr Nkrumah said.

He further indicated that the Minority had proposed revisions to key definitions within the law, including provisions on gold hoarding, which he said have implications for jewellers and other players in the value chain.

“We also offered various suggestions, including the definition of what they called hoarding, part of which affects, you know, jewelers. Some of those bits of advice were listened to, but in the end, a good chunk of them was literally all thrown away. And that is why you are left with this one,” he added.

Mr Nkrumah also raised concerns about the financial implications of the current system, noting that the government is compelled to pay incentives to gold dealers to curb smuggling—an approach he said ultimately reduces returns from gold purchases.

He stated that the Minority remains open to stakeholder input as it prepares the proposed legislation, stressing that lessons from the current regime will inform future reforms.

“But what we can assure you is that this exercise, which was started on the watch of the NPP, we learned a lot of lessons from it. We are seeing the mistakes that are being made. And at the next opportune moment, we will do our best to make sure that those corrections are done, to serve the interest of, particularly, private sector operators like jewelers and others in the value chain,” Mr Nkrumah said.

The proposed bill is expected to focus on strengthening regulatory clarity, improving efficiency, and safeguarding the interests of private sector participants within Ghana’s gold industry.