Establishment of a Central Regulatory Body: Ghana’s creation of the Gold Board (GoldBod) centralized gold trading and oversight.
This suggests that Liberia could benefit from establishing a similar entity, such as a National Mineral Transaction Board, to streamline the regulation, marketing, and selling of gold and diamonds. A centralized body can help maintain oversight and ensure compliance with national laws.
Focus on Local Empowerment: Ghana’s strategy to remove foreigners from small-scale mining aims to empower local miners and retain more revenue within the country. Liberia could adopt a model prioritizing local ownership and participation to promote economic development and capacity building among Liberians.
Formalizing Transactions: Ghana’s mandate to conduct gold transactions in local currency (Ghana cedis) emphasizes the importance of formalizing transactions and reducing reliance on foreign currencies. Liberia could implement a similar policy to encourage the use of the Liberian dollar in mineral transactions, which would support the local economy.
Addressing Smuggling and Illicit Activities: Ghana’s moves aim to reduce smuggling and illegal activities in the gold trade. Liberia can learn from this by tightening regulations, improving monitoring of the mining sector, and providing incentives for legal compliance to curb smuggling and ensure that revenues go to the state and local communities.
Comprehensive Mining Policy Review: Ghana’s cancellation of mining leases for entities not engaged in large-scale mining can serve as a model for Liberia to review existing mining agreements critically. This review could identify opportunities to restructure or enhance terms that align with national objectives, particularly the sustainable development of small-scale mining.
Stakeholder Engagement: Engaging local stakeholders, including communities and small-scale miners, in the decision-making process is crucial for success. Ghana’s reforms suggest that involving these groups can build trust and ensure that policies reflect local needs and realities.
Monitoring and Enforcement: A new regulatory framework will require strong oversight mechanisms. Liberia should prioritize building capacity within regulatory bodies to enforce compliance with new laws and regulations, ensuring that they effectively curtail illegal mining activities and uphold industry standards.
By considering these factors, Liberia can take proactive steps to enhance its mining sector’s
