As Ghana’s newly established Ghana Gold Board (GoldBod) garners attention for its potential to revolutionize the nation’s gold export sector, prominent policy analyst Bright Simons advised a measured approach.

While acknowledging the initial successes, Simons emphasized the importance of addressing foundational challenges to ensure long-term sustainability.

“GoldBod isn’t fully functional yet. It is yet to finish hiring and complete corporate setup.

“It is yet to finalize issuance of licenses to aggregators and other service providers.”
Bright Simons, Prominent Policy Analyst

He cautioned against attributing the recent export surge directly to GoldBod’s efforts, emphasizing the need for a comprehensive evaluation of its impact.

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GoldBod, created to centralize and regulate gold exports from small-scale miners, has shown promising results. Recent data indicates a surge in gold exports, with significant peaks in March and April 2025.

However, Simons pointed out that these figures predate GoldBod’s full operational status, suggesting that the current export volumes may not be solely attributable to the new entity.

Simons argued that the true benchmarks for GoldBod’s success lie beyond export volumes. He highlighted the importance of addressing longstanding issues such as environmental degradation, traceability, and community development.

“The real challenge is addressing perennial problems such as reconciling massive gold exports with environmental stewardship, addressing the complex problem of traceability and LBMA certification that forces Ghana to trade its gold at discounts, and translating the wealth generated by gold into visible improvements of host communities.”
Bright Simons, Prominent Policy Analyst

The London Bullion Market Association (LBMA) certification is crucial for accessing premium markets. Without it, Ghana’s gold may continue to be sold at discounted rates, undermining potential revenues.

Simons emphasized the necessity of building robust institutional frameworks to achieve such certifications and ensure the sector’s resilience.

The global gold market’s inherent volatility presents additional challenges. Simons warned that the current favorable conditions, driven by high gold prices, may not persist.

“The real challenges emerge when gold prices start to fluctuate wildly.

“That is when crazy skills are needed to navigate the volatility and make competitive returns.”
Bright Simons, Prominent Policy Analyst

He underscored the importance of preparing for market downturns by establishing strong operational and financial structures within GoldBod.

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Transparency in GoldBod’s operations is paramount. Simons stresses the need for clear governance structures and accountability mechanisms to prevent potential mismanagement.

“Doing this generational work requires that we all insist on GoldBod being mounted on the best institutional framework.

“We shouldn’t be in a hurry to satisfy our biases. We should be guided by data, analysis, and public interest values.”
Bright Simons, Prominent Policy Analyst

He also highlights the importance of not being swayed by initial successes without scrutinizing underlying issues.

“Jumping on just one data point—seemingly large exports—to ignore the serious policy issues identified is doing the thing that has made it hard for Ghana to build long-term competitive advantage in any sector.”
Bright Simons, Prominent Policy Analyst

The Ghanaian government envisions GoldBod as a transformative entity that will enhance foreign exchange tracking, reduce smuggling, and ensure that the country derives maximum benefit from its gold resources.

However, as Simons pointed out, the success of such an initiative depends on meticulous planning, robust institutional frameworks, and a commitment to transparency.

“It is nice that the new government is so eager for public confidence in its programs.

“We want to ensure that it wins that confidence by truly earning it.”
Bright Simons, Prominent Policy Analyst

As GoldBod continues to take shape, Simons’ remarks serve as a timely reminder that effective governance is built on systems, not sentiment.

With Ghana’s gold exports now at a historic high, the next phase of development may well determine whether the country can finally turn its mineral wealth into long-term national prosperity.