GoldBod, UMaT Collaborate on Sustainable Financing Framework for Small-scale Miners

The Ghana Gold Board (GoldBod) has engaged the University of Mines and Technology (UMaT) to strengthen its proposed Artisanal and Small-Scale Mining (ASM) Formalisation and Financing Support Programme, aimed at improving licensing, expanding access to responsible financing and promoting environmentally sustainable mining.

Scheduled for implementation in 2027, the programme seeks to address persistent challenges in the ASM sector, including difficulties in obtaining mining licences, limited access to formal credit, weak operational records and environmental degradation.

GoldBod’s Deputy Chief Executive Officer, Richard Nunekpeku, Esq., said the initiative was intended as a government-wide intervention involving the Minerals Commission, the Ministry of Lands and Natural Resources and other relevant institutions.

He disclosed that GoldBod had prepared a draft policy document of approximately 120 pages, which was undergoing stakeholder consultations before submission through the relevant government approval processes.

Presenting the programme's technical framework, GoldBod’s Director for Responsible Mining and Sustainability, Prof. Ishmael Quaicoo, outlined six strategic objectives, including expanding access to legitimate financing, accelerating formalisation, promoting responsible mining, establishing sustainable financing arrangements, supporting community development and strengthening traceability across the gold value chain.

A key feature of the proposed programme is its two-stage approach, which requires miners to first satisfy regulatory requirements and undergo preliminary geological and technical assessments before accessing financing.

The financing component will extend beyond direct cash support to include operational capital, machinery and equipment, infrastructure, environmental and social obligations, as well as exploration and resource definition.

GoldBod’s Director of Risk, Ama Bonsu, highlighted credit default, side-selling, traceability concerns, environmental risks and weak governance as major risks requiring attention.

She stressed the importance of stringent due diligence, know-your-customer procedures, clear contractual arrangements and effective monitoring to protect financiers and ensure repayment.

The programme is expected to mobilise resources from commercial banks, equipment suppliers, development finance institutions and government or GoldBod seed capital, creating opportunities for broader private-sector participation.

Leading the UMaT delegation, Prof. Bernard Kumi-Boateng welcomed the engagement and pledged the university’s technical expertise and research capacity towards developing a practical and sustainable framework.

He also indicated the university’s readiness to submit recommendations informed by its experience in mining engineering, mineral processing, finance and small-scale mining support.

GoldBod will continue consultations with relevant stakeholders to refine the proposed policy ahead of its planned implementation in 2027.

The initiative seeks to connect mining formalisation with responsible financing, technical assessments and traceable gold production, creating a more accountable and investment-ready ASM sector.