Wisdom Gomashie warns of elite capture in Ghana’s new gold licensing regime
Gomashie has raised concerns about Ghana’s new gold licensing framework, warning that centralising the process through the PMMC and the GoldBod could exclude local traders and artisanal miners, and risk deepening illegal gold trade
Mining consultant Wisdom Gomashie has shed light on Ghana’s evolving gold trade framework and weighed in on the government’s recent decision to manage the Damang Mine following the expiry of Gold Fields’ lease.
Speaking on the Asaase Breakfast Show on Thursday (24 April) about the new licensing regime announced by the Ghana Gold Board (GoldBod), Gomashie detailed how the gold licensing structure has evolved and what it means for Ghanaian stakeholders.
He recalled that prior to the establishment of GoldBod, the Precious Minerals Marketing Company (PMMC) was responsible for issuing licences to local gold buyers and aggregators—entities authorised to purchase gold on behalf of the state.
Now, under GoldBod, Gomashie explained, four categories of licences have been introduced: aggregators, self-financing buyers, and tier one and tier two grassroots buyers. Aggregators, he said, will receive state funds to buy gold for the GoldBod. In contrast, self-financing aggregators must use their own capital—reportedly a minimum of GHC 2 million—to participate in the market.
“These tier one and tier two buyers are the ones who will mop up gold from small-scale operations, including informal and illegal miners,” Gomashie noted. “Tier one operates at the community level, while tier two operates at a more district-wide level.”
However, while praising the intent of the licensing scheme, he raised concerns about its implementation. GoldBod has stated that applications will be processed online or at the agency’s head office in Accra. Gomashie believes this creates accessibility challenges for prospective licensees from Ghana’s 13 mining regions and over 90 mining districts.
“Gold trading in Ghana is largely informal,” he emphasised. “Digitalising the process is fine, but when you eliminate physical offices in mining areas like Tarkwa or Kumasi, you alienate the very people the policy is supposed to empower. It risks becoming an elite affair.”
He called on GoldBod and the Ministry of Lands to reopen the regional licensing offices that were closed down after the new administration came into office, urging them to “recruit new staff and make the process more inclusive”.
On pricing, Gomashie also expressed dissatisfaction with the government’s decision to peg gold prices to the Bank of Ghana reference rate.
“Gold is an international commodity,” he said. “If the central bank’s rate is lower than the black market, miners will simply sell to smugglers. A GHC 68,000 difference per kilo is enough incentive to bypass state channels.”
Switching focus to the Damang Mine saga, Gomashie welcomed the government’s recent 12-month transition agreement with Gold Fields after the company’s lease expired on 19 April. He highlighted the importance of transparency and due diligence in managing national mineral assets.
“Government’s initial handling was problematic. It gave the impression of arbitrary takeover, which could tarnish Ghana’s image internationally,” he said, referencing similar arbitration losses suffered by Tanzania in comparable disputes.
However, he commended the government’s revised stance, describing the transitional arrangement as “a responsible move”. He urged the government to use the 12-month period to formulate clear long-term policies for increasing local ownership and participation in the mining sector.
“There are strong local players—Engineers and Planners, Rocks York International, Rabotech. Government can form consortiums with them for future nationalised ventures,” he proposed.
Gomashie concluded by cautioning policymakers against emotional nationalism when dealing with mining concessions.
“Our minerals belong to all Ghanaians. If we want to nationalise, let’s build a legislative roadmap, not knee-jerk reactions. That’s how we build trust and attract sustainable investment.”
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