Goldbod model draws interest as Mozambique explores gold market reforms
A high-level delegation from Kimberly Process management in Mozambique has concluded a two-day study visit to Ghana to learn from the country’s experience in establishing and managing institutions that regulate gold trading and certification.
Kimberly Process management is a government institution under Mozambique’s Ministry of Mineral Resources and Energy responsible for ensuring the legality of rough diamonds, precious metals, and gemstones in the country.
The exchange programme focused on the work of the Ghana Gold Board (GoldBod), which has become a central player in Ghana’s mineral economy.
Welcoming the delegation, Richard Nunekpeku Esq., Deputy Chief Executive Officer of GoldBod, provided an overview of the agency’s regulatory framework and operations.
He explained that GoldBod, established as part of the government’s reforms in the mineral sector, now holds exclusive responsibility for buying, selling, and assaying gold in Ghana.
“GoldBod was created with clear objectives. Our primary role is to ensure that Ghana’s gold and other precious minerals are fully leveraged to strengthen the foreign exchange regime and to support the accumulation of gold reserves by the Bank of Ghana,” he said.
He also highlighted a major innovation in the sector: the introduction of a traceability system scheduled to begin operations in November, aimed at improving transparency and accountability in gold transactions.
During the meeting, Mr. Nunekpeku provided detailed insights into GoldBod’s operational processes, particularly the Self-Financing Aggregator Licence.
The licence, he explained, allows holders to trade directly with foreign entities but under strict regulatory oversight.
“All monetary transactions between buyers and sellers are conducted through GoldBod and the Bank of Ghana, which undertakes thorough due diligence before any business transaction begins,” he noted.
The Mozambican officials, who are seeking to establish similar regulatory structures in their country, engaged GoldBod officials on various aspects of mineral governance and industry regulation.
Responding to concerns raised by one of the delegates about conflict resolution in mining communities, the Deputy CEO explained that many disputes stem from inadequate consultation with traditional leaders and district assemblies before mining licences are issued.
He clarified, however, that GoldBod’s regulatory mandate is limited.
“Our mandate is strictly focused on gold trading. Licensing and other upstream activities in the mining value chain remain the responsibility of the Minerals Commission of Ghana,” he added.
The visit forms part of broader South-South cooperation efforts within Africa’s extractive sector.
For the Mozambican delegation, Ghana’s experience offers a practical blueprint for balancing regulation, revenue generation, transparency, and community engagement in a vital industry.
