Concerned Small Scale Miners endorse GoldBod to ensure fair pricing and exchange rate stability

The National Concerned Association of Small-Scale Miners, Ghana (NCSSMAG) has thrown its full support behind the Mahama government’s decision to establish a Gold Board (GoldBod) to regulate gold trading for small-scale miners.

In a statement issued on 4th March 2025, NCSSMAG described the initiative as long overdue, noting that it will ensure fair pricing, eliminate exploitation by foreign buyers, and optimise national benefits from the small-scale mining sector.

According to NCSSMAG, the transparent and consultative approach adopted by the Sammy Gyamfi-led GoldBod Technical Committee is highly commendable.

“For us in the NCSSMAG, it is refreshing to see that our suggestion for a well-structured gold trading sector is being prioritised by the new Mahama government,” said Michael Kwadwo Peprah, President of NCSSMAG.

He further highlighted the government’s plan to use GoldBod as a vehicle to support small-scale miners, including geological investigations, concession viability, equipment financing, sustainable environmental management, and concessional financing.

NCSSMAG also emphasised the financial challenges faced by the Precious Minerals Marketing Company (PMMC), stating that limited government funding has hindered its ability to compete with foreign buyers.

This, they argue, has forced local miners to sell to foreign entities, leading to revenue losses for both miners and the state. “The emergence of multiple state agencies in the local gold market has not helped either,” the statement noted, calling for adequate funding from Parliament to ensure the success of GoldBod.

The association stressed that at a time of economic crisis, GoldBod presents Ghana’s best opportunity to generate significant foreign exchange to stabilise the cedi and drive economic revitalisation. NCSSMAG has therefore urged the government to expedite the processes for GoldBod’s establishment as a matter of urgency.

“It is our fervent hope that this noble agenda will be supported by all stakeholders in the supreme interest of our dear nation,” Mr Peprah concluded.

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