Gold prices set by the Ghana Gold Board (GoldBod)have sparked outrage among small-scale miners, who say the rates are "woefully inadequate" and are pushing their businesses to the brink.

The miners warn that the low prices offered by the new board are making operations unsustainable and threaten to drive many out of business.

Highlighting the immediate economic impact on thousands of miners and their dependents, Mr Asiedu told Adom TV that, "the rates offered by GoldBod are extremely low, causing businesses to take a nosedive."

According to the miners, the initiated price subverts the objectives of the state-led gold purchasing scheme.

A member of the Small-Scale Miners Association, Christopher Asiedu, voiced the industry's growing frustration, lamenting that the current prices are causing widespread financial distress among their members.

He noted that  before the establishment of GoldBod, the prevailing market price for 10 grams of gold hovered between GHS12,000 and GHS13,000.

Unfortunately, the intervention of GoldBod has reduced to a mere GHS8,200 for the same quantity.

Mr Asiedu is therefore urging the government to increase the gold prices to at least GHS11,000 per 10 grams.

He indicated that this will allow miners "make enough profits to sustain operations."

The Ghana Gold Board (GoldBod), established on April 2, 2025, represents a significant milestone in Ghana's precious minerals management.

As the sole authority with exclusive rights to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana, GoldBod functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.

This institution has been carefully designed to revolutionize the country's gold trading sector, combat smuggling, promote value addition, and maximize returns on Ghana's natural resources.