The Ghana Gold Board (GoldBod) has announced the introduction of a special temporary bonus of GHS832 per pound of gold for all licensed miners across the country, as part of efforts to motivate local producers and curb gold smuggling.

The incentive, which took effect today, means that a pound of gold that would normally sell for GHS8,868 in the local market is now selling at GHS9,700.

According to GoldBod, the move comes in response to concerns raised by licensed miners over falling local gold prices in recent months, a situation largely attributed to the continuous appreciation of the Ghana cedi.

The announcement was made in a statement signed by Prince Kwame Minka, Media Relations Officer of GoldBod.

The board emphasised that the special bonus is designed to ensure that miners, who have significantly contributed to Ghana’s increased gold output and foreign exchange earnings, do not suffer losses as a result of the stronger currency.

GoldBod further assured that it has adequately resourced and directed all its licensed traders nationwide to ensure prompt payment of the bonus to miners who sell their gold through official channels.

The initiative is also expected to serve as a deterrent to gold smuggling by making the local market more attractive and rewarding for legitimate miners.