GoldBod is set to take over the former Bank of Ghana building as part of a strategy to formalize Ghana’s gold trade. This move aims to enhance regulatory oversight, improve transparency in transactions, and represents a significant shift in the management of the country’s mineral resources. Established in 2025, GoldBod will coordinate key activities in gold trading from a central location.
GoldBod, the Ghana Gold Board, is poised to take over the former Bank of Ghana building, a move that has sparked discussions regarding the future of Ghana’s gold sector. This initiative is part of the broader strategy under the John Mahama administration, aimed at formalizing and reorganizing the country’s gold mineral trade.
Sources from Asaase News, familiar with the developments, reveal that efforts are being made to repurpose the iconic structure in Accra Central to accommodate the new regulatory agency. This marks a significant shift from the traditional banking model to a dedicated institution focused solely on precious minerals regulation and trade.
GoldBod was recently established to oversee the myriad aspects of gold trading and exporting in Ghana, which includes assay activities and export licensing. Officials argue that a consolidated and secure location is essential to manage the growing responsibilities of the agency.
The transition to GoldBod represents a crucial change in managing Ghana’s gold resources, now focusing regulatory efforts more tightly on the mineral sector rather than being intertwined with banking functions. Internal sources hint that this transition is aligned with the administration’s goals of enhancing transparency and efficiency amid ongoing challenges related to illicit trading and undervaluation.
Since the Bank of Ghana vacated its old premises for a new headquarters, the building has remained largely underutilized. This proposed repurposing could bring the facility back to life, serving a pivotal role in Ghana’s mining landscape.
GoldBod is the authoritative body with exclusive rights in Ghana concerning the buying, selling, weighing, grading, assaying, valuing, and exporting of gold and other precious minerals. Established under an act of Parliament (ACT 1140) in 2025, it functions under the supervision of the Ministry of Finance.
GoldBod took over the responsibilities of the Precious Minerals Marketing Company (PMMC), a body that has undergone several transformations since its inception in 1963. Through various legislative acts, it evolved to enhance its capabilities in grading and valuing precious resources. In 2000, it transitioned to a limited liability company, maintaining its functions until the establishment of GoldBod in early 2025.
The GoldBod initiative is the culmination of thorough stakeholder engagements, aiming to boost the country’s foreign exchange earnings and add value to the local gold production. This reform is hoped to foster sustainable growth and development within Ghana’s mining sector, as the nation continues to navigate its role in the global gold market.
In summary, the takeover of the old Bank of Ghana building by GoldBod aims to create a centralized hub for Ghana’s burgeoning gold trade. This move represents a significant regulatory shift, designed to enhance transparency and efficiency in the industry, while addressing longstanding challenges related to illicit activities. As GoldBod seeks to refine its oversight capabilities, it reflects the government’s commitment towards modernizing and streamlining the mineral sector for national benefit.
Original Source: asaaseradio.com
