Gold Miner Commends Government’s Goldbod Initiative, Calls for Review of Pricing to Curb Smuggling

A leading gold miner and businessman, Alhaji Sulemana Alhassan Atakpo of Suul-Mak Ltd, has praised government for the establishment of the Gold-for-Reserves (Goldbod) programme, describing it as a groundbreaking policy that has significantly contributed to the stabilization of the Ghana cedi (GHC).

According to him, the initiative has reduced Ghana’s dependency on the U.S. dollar for key imports and has demonstrated how the country’s natural resources can be used to defend its economy.

“As a miner and businessman, I can confidently say that the Goldbod initiative is one of the smartest economic strategies we have seen in decades,” Alhaji Atakpo said. “By using our own gold to back reserves, government has protected the cedi from extreme depreciation and shown that Ghana can rely on its resources for stability.”

He also commended the Chief Executive Officer of Goldbod for his commitment and dedication to ensuring the success of the programme, describing his leadership as “visionary and practical.”

At the same time, Alhaji Atakpo expressed gratitude to President John Dramani Mahama, noting that his leadership and policy direction laid the foundation for bold economic initiatives like Goldbod. “We thank President Mahama for his great leadership and vision for the mining sector, which continues to benefit the nation today,” he added.

Despite the successes, Alhaji Atakpo cautioned that gold smuggling remains a major risk that could undermine the sustainability of the programme.

“The government must urgently look at the incentives for miners and buyers. At the moment, the pricing structure of GHC 100 to 800 per gram is not competitive and discourages some miners from selling through official channels. If pricing is not reviewed to reflect fair international value, then the temptation to smuggle gold will increase—and this could destabilize the cedi very badly,” he warned.

He therefore called on the Ministry of Finance, the Bank of Ghana, and the Minerals Commission to work closely with stakeholders to review the pricing mechanism and create more attractive conditions for legal gold trade.

“Goldbod is a visionary policy and we, as miners, are ready to support it. But government must ensure the pricing structure is fair, so that miners and buyers remain committed to the official system,” Alhaji Atakpo concluded