Ghana’s stepping up its gold game by rolling out a blockchain-based tracking system aimed at tackling illegal exports and revamping the entire gold industry. Here’s what’s popping:
1. Blockchain to the Rescue
The government’s introducing a blockchain system to trace gold from miners to exporters. This tech ensures every transaction is recorded, making it tough for illegal gold to slip through the cracks.
2. New Gold Board in Town
A proposed Gold Board will oversee gold purchases from small-scale miners, set fair prices, and fight smuggling. This move aims to clean up the industry’s act.
3. Big Bucks at Stake
Illegal gold exports have cost Ghana about $2 billion each year, money that could’ve funded public projects. The new system aims to plug this financial leak.
4. Tracking Every Nugget
Each licensed miner will get a spot in a national database, and every gold batch gets a unique digital code. As gold moves through the supply chain, each step is logged on it, boosting transparency.
5. First-Ever Nationwide Blockchain Rollout
If the bill passes, this will be Ghana’s first nationwide use of blockchain in the mining sector, setting a precedent for tech-driven industry reforms.
This initiative positions Ghana as a pioneer in modernizing gold industry practices, aiming for a more transparent and profitable future.
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