Ghana Introduces Blockchain-Based Gold Tracking to Combat Illegal Exports
Ghana is introducing a blockchain-based gold monitoring system to restructure its gold sector and fight unlawful exports, says Sammy Gyamfi, performing Managing Director of the Treasured Minerals Advertising Firm (PMMC). The initiative, tied to the Gold Board Invoice beneath parliamentary evaluate, goals to register all licensed miners in a nationwide database, assign distinctive digital codes to manufacturing batches, and report transactions on a blockchain. The proposed Gold Board would oversee gold purchases from small-scale miners, regulate pricing, and sort out smuggling. This transfer might assist Ghana get well an estimated $2 billion misplaced yearly to unlawful commerce whereas boosting income, stabilizing the cedi, and guaranteeing truthful pricing for miners. An anti-smuggling activity drive can also be deliberate to implement compliance. Pilot tasks have proven encouraging outcomes, and if permitted, this technique would mark one in every of Ghana’s first large-scale makes use of of blockchain in its mineral sector.
