GOLDBOD Announces State-Owned Mining Strategy with Community Equity Stakes

The Ghana Gold Board (GOLDBOD) is shifting its strategy from merely purchasing gold to actively developing and operating its own state-owned mines.

Chief Executive Sammy Gyamfi announced that this initiative aims to increase state participation in the gold sector while ensuring that local communities receive direct ownership stakes in mining projects.

This move represents a fundamental change in how the government manages mineral resources. By shifting into active mining, the state aims to retain more value from its natural assets rather than relying solely on private producers.

GOLDBOD is collaborating closely with the Ghana Geological Survey Authority to conduct comprehensive geological investigations in mineralized areas released by the Minerals Commission. This partnership utilizes government funding to gather reliable data that identifies commercially viable deposits, a step Gyamfi suggests was previously neglected.

The goal of these investigations is to pinpoint exactly where minerals are located so the state can mine them responsibly. Geological surveys have already commenced in three prospective areas of the country.

The agency is actively engaging with traditional leaders to gain approval for exploration and mining activities. While traditional authorities in Atuna rejected a proposal for exploration, leaders in Funsi and Binsiri have accepted the initiative.

GOLDBOD plans to expand its exploration efforts to various other parts of Ghana in the coming months. This collaborative approach ensures that the state works alongside local leadership to manage the country’s mineral wealth.

What benefits will local communities receive from GOLDBOD mines?

Host communities will gain direct economic benefits through equity stakes in future GOLDBOD-operated mining projects. Traditional authorities will hold these stakes as a free-carried interest on behalf of local residents.

• GOLDBOD will not hold 100 percent ownership of these future mining projects with its partners.
• Traditional authorities will receive between 10 and 20 percent ownership in the mines.
• This free-carried interest is specifically designed to be held in the interest of the local community.

The government is pursuing this strategy to move beyond the role of a gold buyer and establish a stronger foothold in mining operations. This initiative aligns with broader national efforts to increase state participation and strengthen community involvement in the industry.

By integrating local interests into the ownership structure, GOLDBOD aims to create a more sustainable and equitable model for mining. These projects are intended to generate consistent returns for the state while supporting the growth and development of the host areas.

Also Read: GoldBod Signs Major Local Gold Refining Deal with Royal Ghana Gold Refinery

Source: ghananewspage.com