Acting Managing Director of Precious Minerals Marketing Company, Sammy Gyamfi
The Acting Managing Director of the Precious Minerals Marketing Company, Sammy Gyamfi, has quashed claims that the structure of the GoldBod, which combines both commercial operations with regulatory functions, could create conflicts of interest.
According to him, GoldBod is neither a regulator nor a commercial competitor but simply a monopoly in the trading and export of gold.
In a post on X sighted by GhanaWeb Business, Sammy Gyamfi explained that the regulatory powers of GoldBod are intended to ensure compliance with its Act and regulations by licensed service providers who trade on behalf of GoldBod.
“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.
“For emphasis, the GoldBod will not be regulating competitors but rather its own licensed agents. Thus, the issue of conflict of interest does not arise at all,” he added.
Addressing the hoarding of gold, Sammy Gyamfi stated that it is a crime to engage in such practices.
He cited Clause 68(1) of the GoldBod Bill, which stipulates that no person shall, without lawful authority, hoard gold without a license or authorisation issued by the Gold Board, to support his assertion.
The purpose of Clause 68(1) of the GoldBod Bill is to prevent situations where licensed agents, provided with funds to purchase gold for GoldBod, hoard the commodity to cause scarcity, create unfair competition, or manipulate prices, among other concerns.
On Friday, March 28, 2025, Parliament passed the Ghana Gold Board Bill 2025 into law.
The Ghana Gold Board is tasked with overseeing, monitoring, and undertaking the buying, selling, and export of gold and other precious minerals.
This law designates GoldBod as the sole exporter of gold from Ghana’s small-scale mining sector, effectively prohibiting licensed traders and bullion dealers from exporting gold directly.
As part of efforts to revitalise the local economy, President John Dramani Mahama initiated the establishment of the Ghana Gold Board (GoldBod), which falls under the Ministry of Finance.
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SA/EB