Ghana teaches Tanzania how to transform gold mining into a profitable economic source
ACCRA: THE Tanzania Mining Commission has conducted an official working visit to the Ghana Gold Board (GoldBod) in Accra, intending to gain practical insights into how the unique institution has successfully transformed the gold trade in Ghana and strengthened the sector’s contribution to the national economy.
The peer-learning visit revealed that GoldBod has established robust systems for supervising small-scale miners and integrating them into the formal gold trading framework.
This approach has significantly reduced fraud and gold smuggling, increased government revenue and foreign exchange earnings, and strengthened the gold reserves of the Bank of Ghana.
Speaking during the visit, GoldBod Deputy Chief Executive Officer, Professor Richard Nunekpeku, said that for a long time, small-scale miners operated outside the formal system, leading to substantial revenue losses for the government.
He explained that the establishment of GoldBod has enabled all gold produced to be collected and traded through legal channels, thereby contributing to national revenue, boosting the Bank of Ghana’s gold reserves, and maintaining stability in the country’s currency value.
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During the visit, the Tanzania Mining Commission delegation also toured the Gold Jewelry unit under the Ghana Gold Board, which is responsible for the manufacturing, certification, hallmarking, and export of jewelry products.
The unit is regarded as a key step in adding value to gold in Ghana and strengthening collaboration among all stakeholders in the mining value chain.
The historic visit highlighted the importance of regional cooperation within Africa in managing mineral resources. Through the experience of GoldBod—the sole authority mandated to buy, sell, assay, certify, value, and export gold and other precious minerals—Tanzania gained valuable lessons that will help strengthen its mineral trade management systems. Ghana’s example demonstrates that strong and institutionalized governance of the mining sector can generate significant benefits for citizens and national development as a whole.
