GNASSM proposes 2% GoldBod discount to curb hoarding and market distortions

The Ghana National Association of Small-Scale Miners (GNASSM) has proposed a 2 per cent pricing discount and a new licensing regime as part of measures to discourage gold hoarding and address market distortions within the small-scale mining sector.

The proposals are contained in a report presented to the Ghana Gold Board (GoldBod) following nationwide stakeholder engagements on GoldBod’s pricing mechanism and broader mining sector reforms.

According to the report, the engagements involved small-scale miners, traditional authorities, and other stakeholders across mining districts, and were aimed at improving understanding of regulatory reforms, clarifying compliance requirements, and building confidence in GoldBod’s gold purchasing and pricing framework.

The report identifies strong stakeholder participation, growing support for responsible and licensed mining, and increasing willingness among miners to formalise their operations. It also highlights the active involvement of traditional authorities in efforts to improve compliance and sector governance.

The proposed 2 per cent discount, coupled with a revised licensing regime, is intended to reduce incentives for gold hoarding and informal trading, while improving traceability and stabilising the domestic gold market.

Reacting to the presentation, Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, welcomed the report and reaffirmed GoldBod’s commitment to working closely with GNASSM and other stakeholders to implement the recommendations. He stressed that sustained engagement would be critical to advancing formalisation, traceability, and value retention in Ghana’s gold sector.

GoldBod is expected to further assess the proposals as part of ongoing reforms aimed at strengthening transparency and efficiency in Ghana’s gold value chain.