By Issah Olegor
The Ghana Gold Board (GoldBod) has intensified efforts to strengthen regulation and transparency within the artisanal and small-scale gold mining sector by engaging licensed gold traders on new operational standards aimed at improving accountability, fairness and international competitiveness.
The engagement forms part of GoldBod’s broader strategy to formalise the country’s gold trading ecosystem and ensure that transactions within the sector align with globally accepted best practices.
The initiative comes at a time when Ghana continues to consolidate its position as one of Africa’s leading gold-producing nations, with artisanal and small-scale mining contributing significantly to national gold output and foreign exchange earnings.
Officials of GoldBod said the discussions with licensed traders focused on creating a more efficient and transparent gold market capable of protecting the interests of miners, traders, investors and the Ghanaian economy.
A key outcome of the meeting was the adoption of the London Bullion Market Association (LBMA) pricing formula and trading window as the benchmark for gold transactions in Ghana’s artisanal and small-scale mining sector.
According to GoldBod, the decision is expected to introduce a fairer and more transparent pricing mechanism that reflects internationally accepted standards and eliminates distortions that have often affected gold purchases at the local level.
The Board believes the adoption of the LBMA framework will enhance confidence within the gold trading industry while ensuring that miners receive competitive prices for their produce based on prevailing international market conditions.
Officials further emphasized that all licensed traders would be required to conduct and document transactions within the approved LBMA trading window.
They explained that proper documentation and adherence to recognized trading periods would improve accountability, strengthen oversight and reduce opportunities for irregularities within the gold value chain.
GoldBod noted that maintaining accurate records of transactions would also support government efforts to formalize artisanal and small-scale mining activities and improve traceability within the sector.
