Sierra Leone Explores Ghana’s GoldBod Model for Transformative Minerals Revenue Reforms
Sierra Leone’s Minister of Finance, Sheku Ahmed Fantamadi Bangura, has signaled his nation’s readiness to adopt Ghana’s innovative GoldBod model as a blueprint for strengthening its mineral revenue management and stimulating economic growth. The minister’s praise for the Ghana Gold Board highlights its emergence as a leading example for sustainable gold sector reforms across Africa, positioning it as a key institution for modernizing resource governance.
GoldBod: A Blueprint for Sustainable African Gold Sector Reforms
During a recent courtesy call to the CEO of GoldBod, Minister Bangura expressed profound admiration for the institution’s achievements, noting its successful establishment as a pivotal force in the region. This visit comes at a crucial time as GoldBod actively spearheads new initiatives aimed at modernizing gold trading within Ghana. Despite being a relatively young institution, established only five months prior, GoldBod is not focused on resolving age-old issues such as illegal mining (galamsey), which predate its formation. Instead, its efforts are concentrated on creating forward-looking, transparent platforms for gold commerce. In a strategic partnership with the Ghana Commodity Exchange (GCX), GoldBod is diligently exploring innovative financial instruments such as tokenisation and Exchange-Traded Funds (ETFs). Concurrently, the organization is engaging closely with the Securities and Exchange Commission (SEC) to ensure robust investor protection measures are in place, underscoring its commitment to a secure and efficient market.
The exploration of Ghana’s GoldBod model by Sierra Leone signifies a collaborative step towards enhanced economic development and responsible resource management within Africa. By adapting proven strategies and embracing technological advancements like tokenisation and ETFs, Sierra Leone aims to unlock greater value from its mineral resources, ensuring that the benefits contribute directly to national prosperity and sustainable growth.
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