The Acting Managing Director of the Precious Minerals Marketing Company, Sammy Gyamfi, has rubbished claims that the structure of the newly established Ghana Gold Board (GoldBod) could lead to conflicts of interest.
In a social media post on X, Sammy Gyamfi clarified that GoldBod is neither a regulator nor a commercial competitor but a state monopoly responsible for trading and exporting gold.
He explained that its regulatory role is limited to ensuring compliance by licensed service providers and not the broader market.
“The GoldBod is simply a monopoly in the trading and export of gold… The regulatory function of the GoldBod relates only to its own licensed agents and not to competitors,” he stated.
He stressed that GoldBod would not regulate competitors but only its approved agents, making conflict of interest concerns unfounded.
Mr. Gyamfi reiterated that gold hoarding is illegal, citing Clause 68(1) of the GoldBod Bill, which prohibits individuals from hoarding gold without lawful authorization. He noted that this provision aims to prevent unfair market practices, including artificial scarcity and price manipulation by licensed agents entrusted with funds to procure gold for GoldBod.
On Friday, March 28, 2025, Parliament passed the Ghana Gold Board Bill 2025 into law granting GoldBod exclusive rights over gold exports from the small-scale mining sector.
This means licensed traders and bullion dealers can no longer export gold independently.
GoldBod, established under the Ministry of Finance, is a key campaign promise by President John Dramani Mahama to enhance Ghana’s gold trade and strengthen the local economy.
Source: Ghana/StarrFM103.5FM/Benjamin Sackey
