{"id":107441,"date":"2025-12-18T11:23:52","date_gmt":"2025-12-18T11:23:52","guid":{"rendered":"https:\/\/sotnews.agency\/?p=107441"},"modified":"2025-12-18T11:23:52","modified_gmt":"2025-12-18T11:23:52","slug":"joybusiness-review-2025-praise-for-goldbod-is-premature-without-answers-on-illegal-gold-tax-consultant","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=107441","title":{"rendered":"JoyBusiness Review 2025: Praise for GoldBod is premature without answers on illegal gold \u2013 Tax Consultant"},"content":{"rendered":"
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Tax consultant Francis Timore Boi says it is too early to celebrate the impact of GoldBod, warning that Ghana cannot claim success in gold sector reforms without clear answers on where illegally mined gold ends up.<\/p>\n

Speaking at Joy Business\u2019 end-of-year economic forum, JoyBusiness Review 2025, on Thursday, December 17, Mr. Boi said that while GoldBod has been hailed as a major reform in the extractive sector, critical questions remain unresolved.<\/p>\n

\u201cOnce we praise the GoldBod to be one of the most impactful extractive sector reforms in Ghana, there is a bigger, very thick issue. The illegal miners and the gold they produce, who buys them? These are the questions that we have not been able to answer,\u201d he said.<\/p>\n

He noted that illegal mining continues across the country despite enforcement efforts, with severe consequences for both the environment and the economy.<\/p>\n

\u201cEvery day we see the illegal miners producing, excavating here and there, and today you and I are paying for it,\u201d Mr. Boi stated.<\/p>\n

Linking illegal mining to rising utility costs, he explained that polluted water sources have driven up water treatment expenses.<\/p>\n

\u201cI wasn\u2019t surprised when Ghana Water said they were going to increase the tariff. They can\u2019t process their water the way it used to be. They have to expend more, and so we are all paying for it,\u201d he said.<\/p>\n

Mr. Boi questioned whether gold from illegal mining is being channelled through official systems.<\/p>\n

\u201cThe question is, where is the gold? Is it coming to the GoldBod?\u201d he asked. \u201cWe don\u2019t know who the importers of excavators are. The chemicals they use to process gold, we don\u2019t fetch it like water.\u201d<\/p>\n

According to him, these gaps point to a deeper structural challenge that the country must confront.<\/p>\n

\u201cThere is a thicker issue that, maybe as a country, we will have to start asking questions. Where is the produce going?\u201d he added.<\/p>\n

Mr. Boi said only by addressing these concerns can Ghana properly assess the success of GoldBod and recent economic gains.<\/p>\n

\u201cIf we are able to answer that question, then we can either celebrate the GoldBod as doing a fantastic job by helping us get more dollars to stabilise the cedi, for which we are all praising the Bank of Ghana and the Minister of Finance,\u201d he said.<\/p>\n

Until then, he cautioned, the country risks misreading the true state of the gold sector.<\/p>\n

\u201cUntil we are able to answer where the illegal mining produce is going, maybe we\u2019ll be shooting ourselves in the foot. We may think we have bitten our tongue and gotten some nice meat that we are chewing, but it will be the contrary,\u201d Mr. Boi warned.<\/p>\n<\/p>\n<\/div>\n

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\"BankTax consultant Francis Timore Boi says it is too early to celebrate the impact of GoldBod, warning that Ghana cannot claim success in gold sector reforms without clear answers on where illegally mined gold is ending up.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14093,12,319,14094,1789,2019,14095,1883,117,10,9],"tags":[],"class_list":["post-107441","post","type-post","status-publish","format-standard","hentry","category-2025-joybusiness-review","category-business","category-economy","category-francis-timore-boi","category-goldbod","category-hp-news-10","category-illegal-gold","category-national","category-news","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/107441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=107441"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/107441\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=107441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=107441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=107441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}