The Minority in Parliament has disclosed plans to sponsor a Private Member’s Bill aimed at revising the Ghana Gold Board Act, citing operational weaknesses and revenue losses under the current framework.

Speaking at a meeting with the Ghana Employers Association, Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee, said the caucus has for some time flagged major gaps in the structure governing the Gold Board.

He pointed to the combination of regulatory and commercial functions within a single entity as a key concern, cautioning that such an arrangement could undermine effective oversight and accountability.

Mr Oppong Nkrumah also noted that proposed amendments would address certain provisions in the law, including definitions related to gold hoarding, which he said affect jewellers and other stakeholders in the industry.

He further questioned the financial sustainability of the current system, explaining that government is forced to offer incentives to gold traders to deter smuggling—an approach he believes diminishes overall returns from gold purchases.

According to him, the Minority is engaging stakeholders as it finalises the proposed legislation, emphasising that insights from the existing system will guide the reforms.

“The minority offered a lot of suggestions that listen, this programme we started it, we know the loopholes, we know the gaps. For example, don’t mix the role of the regulator with the role of the trader. Because if you do, you may end up funding regulatory functions in ways that you shouldn’t,” Mr Nkrumah said.

“We also offered various suggestions, including the definition of what they called hoarding, part of which affects, you know, jewelers. Some of those bits of advice were listened to, but in the end, a good chunk of it was literally all thrown away. And that is how come you are left with this one,” he added.

“But what we can assure you is that this exercise, which was started on the watch of the NPP, we learned a lot of lessons from it. We are seeing the mistakes that are being made. And at the next opportune moment, we will do our best to make sure that those corrections are done, to serve the interest of, particularly private sector operators like jewelers and others in the value chain,” Mr Nkrumah said.