Amid growing public debate and concern over whether the Ghana Gold Board (GoldBod) initiative is fueling the illegal gold trade, a leading governance and extractives expert, Dr. Steve Manteaw, has moved to set the record straight.
Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI) is emphatic that Goldbod does not endorse galamsey.
In his detailed reaction to the issues sighted by The High Street Journal, Dr. Manteaw, who has been offering technical support to the government through the UK-Ghana Gold Programme, insists that while the risk of illegal gold infiltrating the market cannot be denied, blaming GoldBod for it misses the real issue.
The Core of the Allegation
Critics have raised concerns that GoldBod might be indirectly legitimizing gold sourced from illegal mining, commonly known as galamsey. These worries stem from the belief that the initiative’s gold-purchasing activities could open a new route for illicitly mined gold to enter the formal economy.
The proponents further argue that the situation accounts for the massive earnings of the Goldbod.
However, Dr. Manteaw argues that such claims ignore the structure and intent of the programme. He maintains that the GoldBod deals exclusively with licensed buyers, and therefore presumes all gold being purchased on its behalf comes from legitimate sources.
He admitted, however, that one cannot deny the possibility of some galamsey gold finding its way into the supply chain, emphasizing that this challenge predates the creation of GoldBod.
“The GoldBod deals exclusively with licensed buyers, and therefore presumes all the gold being purchased on its behalf are from legitimate sources. One can, however, not deny the possibility of some galamsey gold finding its way into the supply chain,” he indicated.
A Legacy Challenge, Not a GoldBod Problem
According to Dr. Manteaw, the infiltration of galamsey gold did not start with the GoldBod. It’s a legacy situation inherited by the entity.
In his view, rather than being complicit, GoldBod should be commended for taking steps to clean up the system it inherited. Among these steps is a planned gold traceability system, designed to track gold from source to export, ensuring that only responsibly mined gold enters the formal market.
This is the kind of forward-looking reform Ghana needs that tackles the problem at its root rather than just pointing fingers.
“Credit should rather be given to the GoldBod for its commitment to introduce a gold traceability system to encourage responsible mineral sourcing,” he remarked.
Efforts to Address the Situation
Far from operating in secrecy or outside regulation, Dr. Manteaw emphasized that GoldBod’s operations are guided by international best practices.
The GoldBod, he says, is guided by the OECD guidelines on responsible mineral sourcing and by the Financial Action Task Force (FATF) rules that address illicit financial flows, money laundering, and the financing of organized crime.
He also revealed that GoldBod is exploring avenues to obtain London Bullion Market Association (LBMA) certification, which is a globally recognized benchmark for responsible gold sourcing and ethical trade.
A Call for National Support
Dr. Manteaw called on citizens and stakeholders to stand behind the initiative rather than tear it down. For him, given the benefits of Goldbod in its few months of existence, all well-meaning Ghanaians must rally around this bold initiative that is fast becoming the envy of the world.
“I know these as facts because I’ve been involved in consultations around them, and I’ve been offering technical support through the UK-Ghana Gold Programme, a UK Home Office support to the Government of Ghana in dealing with the illegalities in the small-scale mining sector,” he indicated
He added, “Let’ all well-meaning Ghanaians rally around this bold initiative that is fast becoming the envy of the world.”
Dr. Manteaw insists that responsible gold trade is not just about government policy or investor confidence. It’s about national integrity and ensuring Ghana’s mineral wealth becomes a blessing for its people, not a burden on its conscience.
