Let’s Support The Goldbod – It Holds The Key To Value Retention In Ghana’s Mineral Sector

WHY I SUPPORT THE GOLDBOD

My support for Sammy Gyamfi and the GoldBod initiative is anchored on my conviction and understanding of how Ghana can optimise value from its natural resources. Mining and financial sector agencies can attest that I do not only offer praise where it is due, but more importantly, I have consistently made my expertise available to institutions of state within the mining and financial sectors.

DEALING WITH MONEY LAUNDERING RISKS

Through the UK-Ghana Gold Programme, a UK Home Office-supported initiative aimed at helping Ghana address illegalities within the small-scale mining sector, we have contributed to addressing significant money laundering risks in the sector and supported preparations for the country’s next GIABA mutual evaluation, working closely with the Financial Intelligence Centre.

The GIABA mutual evaluation, which assesses money laundering risks and associated threats, including the financing of Serious Organised Crimes (SOC), begins this month. There will be consequences for the country if we fail this evaluation. Ghana could be grey-listed or black-listed, with prescribed sanctions that could affect the country’s financial standing and international reputation.

ROLE OF CSOs IN GOVERNANCE

It is important to understand that Civil Society Organisations (CSOs) are not established to fight governments. They are partners in nation-building. They only become confrontational when a government proves intransigent and unresponsive to citizens’ demands, as was witnessed under the previous administration.

On a good day, CSOs, through research, analysis, and evidence-based advocacy, contribute to the search for viable policy alternatives, such as the GoldBod, and support their effective implementation.

I call on all well-meaning Ghanaians to support these well-intended efforts aimed at ensuring that Ghana’s gold resources benefit Ghanaians and not foreigners.

STEPS TO REDUCE LOSSES

The GoldBod has recently engaged key stakeholders on a mutually acceptable discount framework and will proceed to adopt a pricing policy this year.

ADVICE TO GOLDBOD

Going forward, I would advise the management of GoldBod to be more proactive in providing information about its activities in order to sustain public trust and confidence in its work. Its trading policies must be published and explained in a timely manner.

On that note, I wish a Happy New Year to all those who genuinely wish this country well.

Steve Manteaw