The Ghana Gold Board (GoldBod) has stepped up efforts to enhance transparency and accountability in the country’s gold trading sector through an engagement with licensed gold traders operating within the Artisanal and Small-Scale Mining (ASM) industry.
The meeting forms part of GoldBod’s broader strategy to improve trading practices and align ASM sector operations with internationally recognised standards.
The initiative is designed to safeguard the interests of both miners and traders while strengthening the gold industry’s contribution to the national economy.
During the engagement, stakeholders discussed measures aimed at promoting fairness, consistency, and transparency in gold transactions.
A key proposal outlined was the adoption of the London Bullion Market Association (LBMA) pricing formula and trading window as the benchmark for determining gold prices. The move is expected to improve pricing transparency, enhance consistency, and build greater confidence in the sector.
GoldBod has also underscored the importance of ensuring that all gold transactions are properly recorded and executed within the approved LBMA pricing window.
According to the Board, the measure is expected to strengthen accountability, improve record-keeping practices, and enhance the overall integrity of Ghana’s gold trading system.
The Board has reaffirmed its commitment to developing a responsible and sustainable artisanal and small-scale mining (ASM) gold sector that protects the interests of Ghanaian miners, promotes ethical business practices, and strengthens Ghana’s standing in the global gold market.