ACCRA, March 29 (Xinhua) -- Ghana's parliament passed a bill on Saturday to set up a new regulatory body for gold trade as part of efforts to boost foreign exchange earnings.

Key provisions of the Gold Board (GoldBod) Bill 2025 include mandating the GoldBod to sanitize transactions in the industry, overseeing the purchase, sale, and export of gold, and generating revenue to stabilize the local currency.

Once the president assents to the law, the GoldBod will act as the sole buyer of gold from legal small-scale miners, reducing smuggling and enhancing traceability.

"The GoldBod will ensure that Ghana harnesses the entire gold value chain, from extraction to refining, value addition, and marketing, both locally and internationally," Finance Minister Cassiel Ato Forson told the press.

Forson said the initiative would also create jobs, increase revenue, and formalize small-scale mining operations.

The initiative is part of the broad agenda of the Ghanaian government to position the country to earn more from its natural resources, create wealth, and boost foreign exchange earnings to stabilize the foreign exchange market.

As a major gold producer in Africa, Ghana mined about 4 million ounces of gold in 2023. Enditem

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