Why I support the GoldBod

My support for Sammy Gyamfi and the GoldBod experiment is hinged on my conviction and understanding of how Ghana can optimize value from it's natural resources. Mining and financial sector agencies can testify that I don't only praise were praise is due, but more importantly I have put my expertise at the disposal of institutions of state in the mining and the financial sectors.

Dealing with money laundering risks

Through the UK-Ghana Gold Programme, a UK Home Office support to Ghana in dealing with the illegalities in the small-scale mining sector, we have helped to address substantial money laundering risks in the sector and helped to prepare the country for its next GIABA mutual evaluation, working closely with the Financial Intelligence Centre.

The GIABA mutual evaluation which assesses money laundering risks and associated with it, the financing of Serious Organised Crimes (SOC) begins this month. There will be consequences for the country, if we fail this evaluation. We could be Grey-listed or black-listed with prescribed sanctions.

Roles of CSOs in governance

It is important to understand that CSOs are not set up to fight governments. They are partners in nation-building. They only fight when a government proves intransigent and non-responsive to citizens demands, like we saw under the previous regime. On a good day, CSOs, through their research and analysis, contribute to the search for viable policy alternatives, such as the GoldBod, and support their implementation.

I call on all well-meaning Ghanaians to support this well-intended efforts at ensuring that Ghana's gold benefits Ghanaians and not foreigners.

Steps to reduce losses

The GoldBod has recently consulted with key stakeholders on a mutually acceptable discount and will be proceeding to adopt a pricing policy this year.

Advise to GoldBod

Going forward, I will advise the management of the GoldBod to be more proactive in providing information on its activities to sustain public trust in its work. It's trading policies must be published and explained timeously.

On that note, I say a Happy New Year to all those who genuinely wish this country well.