The Ghana Gold Board (GoldBod) has raised the local price of gold to GH¢9,700 per pound under a special bonus package aimed at motivating licensed miners and discouraging smuggling.
The intervention adds GH¢832 to the prevailing market price of GH¢8,868, reflecting concerns by miners over declining local prices linked to the recent appreciation of the cedi.
“With this initiative, a pound of gold, which should have sold in the local market for GH¢8,868, is today selling at GH¢9,700,” the board announced.
GoldBod, which operates under the Ministry of Finance and is mandated to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals, said the revised pricing is temporary and will be reviewed in the coming months.
Officials explained that the measure ensures miners who contribute significantly to Ghana’s gold output and foreign exchange earnings are not disadvantaged by currency fluctuations.
To guarantee smooth implementation, licensed traders across the country have been resourced to provide prompt payment of the bonus.
Only miners who channel their gold through official outlets will qualify for the new price.
GoldBod emphasized that the policy not only cushions miners but also strengthens Ghana’s fight against gold smuggling, a persistent challenge that has deprived the state of vital revenue.
Source: Myxyzonline.com
