Ghana plans to use blockchain technology to deter illegal gold exports and enhance the gold industry.
Why Blockchain in Gold Mining
The Ghanaian authorities plan to introduce a blockchain-based gold tracking system to avoid supply chain leaks. Sammy Gyamfi, Acting Managing Director of Ghana Precious Minerals Marketing Company (PMMC), stated that this decision requires parliamentary approval.
New Gold Mining Legislation
The legislative bill recommends establishing a new Gold Board institution to acquire gold from small-scale miners, create price controls, and counter smuggling. The export of smuggled gold costs Ghana about US$2 billion annually in potential revenues for public development.
Technology Deployment Plans
The successful approval of this bill will mark a nationwide implementation of blockchain technology in Ghana's mineral sector.
The approval of the legislation will represent the first nationwide use of blockchain in Ghana's mineral industry.
