The Ghana Gold Board (GOLDBOD), Ghana’s newly established gold regulatory authority, has announced plans to implement a comprehensive digital traceability system across its entire gold supply chain by the end of this year.
This initiative aims to enhance transparency, combat illegal mining activities, and ensure responsible sourcing of gold within the country.
According to GOLDBOD’s CEO, Sammy Gyamfi, the forthcoming digital traceability technology will enable the tracking of every gram of gold from the point of extraction to the final market.
This move is part of a broader strategy to formalize the gold trade, particularly within the artisanal and small-scale mining sector, and to align Ghana’s gold industry with international standards.
The traceability system is expected to incorporate advanced technologies, including blockchain and artificial intelligence, to monitor and verify the origin and movement of gold.
Such technologies will facilitate real-time surveillance, detect anomalies, and prevent smuggling by providing an immutable record of transactions.
In addition to technological advancements, GOLDBOD has introduced a licensing regime that mandates all participants in the gold supply chain –aggregators, refiners, exporters, and transporters– to obtain official licenses.
These licensees are required to adhere to strict codes of responsible sourcing and undergo continuous due diligence processes.
The implementation of the digital traceability system and the licensing framework is anticipated to bolster investor confidence, increase government revenue from gold exports, and position Ghana as a leader in ethical gold production on the African continent.
Source: Myxyzonline.com
