Ghana’s GoldBod Model Eyed by Sierra Leone to Curb Smuggling

Sierra Leone’s Finance Minister, Sheku Fantamadi Bangura, has explored Ghana’s gold management framework. He held talks with the Chief Executive Officer of the Ghana Gold Board (GOLDBOD), Sammy Gyamfi, in Accra. This important meeting took place on Thursday, September 18, 2025. Sierra Leone considers adapting Ghana’s GoldBod model to reform its own mining sector. The minister’s visit forms part of Sierra Leone’s effort to curb gold smuggling. It also aims to enhance transparency and raise mineral revenues.

Mr. Bangura praised Ghana’s approach. He called it an “innovative step to formalise and strengthen its gold sector.” The minister added that similar reforms could “play a key role in boosting Sierra Leone’s economy.” He expressed particular interest in Ghana’s measures for licensing, assaying, and traceability. These practices ensure minerals are properly accounted for. Furthermore, they ensure exports generate fair value for the state.

In response, Mr. Gyamfi welcomed the prospect of collaboration. He stressed GOLDBOD’s readiness to share technical expertise. The institution is also prepared to share its institutional experience and best practices. He explained that formalising the gold trade through licensing, assaying, and responsible sourcing not only bolsters government oversight. It also builds investor confidence.

GOLDBOD was established earlier this year. The GOLDBOD Act gives the institution authority. This authority includes buying, assaying, and exporting gold from licensed artisanal and small-scale miners. The institution’s main mandate includes reducing illegal flows of gold. It also seeks to increase foreign exchange earnings. Additionally, it aims to improve traceability across the gold trade.

For Sierra Leone, smuggling and weak regulation have long undermined revenues. Therefore, adapting Ghana’s GoldBod model presents significant opportunities. It could boost state revenue. It could also strengthen anti-money-laundering controls. However, experts warn that the system must balance government oversight with competitive markets. It must also have safeguards to protect small-scale miners. Both parties agreed to follow up with technical exchanges. They are also considering signing a memorandum of understanding to define areas of cooperation.

Source: Graphic online