Goldbod Introduces Special Bonus for Licensed Miners to Combat Smuggling and Support Local Industry

The Ghana Gold Board (GoldBod) has announced a special temporary bonus of GHS832 per pound of gold for all licensed miners across the country, effective immediately, in response to challenges posed by the appreciating Ghana cedi.

The initiative increases the local selling price of gold from GHS8,868 to GHS9,700 per pound, representing a significant boost for the mining sector.

“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi,” said Prince Kwame Minka, Media Relations Officer for GoldBod.

The bonus scheme aims to address dual objectives: motivating licensed miners while combating illegal gold smuggling that has plagued the industry.

“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings, do not indirectly suffer as a result of the significant appreciation of the Ghana cedi, that they have helped the country achieve,” Minka explained.

The announcement comes as Ghana’s currency has strengthened significantly, creating an unexpected challenge for the gold mining sector. While cedi appreciation is generally viewed as positive for the economy, it has reduced the local value of gold sales, potentially driving miners toward unofficial channels.

To ensure smooth implementation, “GoldBod has adequately resourced and directed its licensed traders across the country to ensure the prompt payment of this special bonus to all licensed miners who sell their gold to the GoldBod,” according to the official statement.

The mining industry has been a crucial contributor to Ghana’s economic growth, with licensed miners playing a vital role in increasing the country’s gold output and foreign exchange earnings. This bonus represents the government’s recognition of their contribution and commitment to maintaining the formal mining sector’s viability.

The temporary nature of the bonus suggests GoldBod will monitor market conditions and currency movements to determine future adjustments to support the licensed mining community.

For more information, licensed miners and stakeholders can contact Prince Kwame Minka at +233256203488 or +233545540001.