The GoldBod initiative, proposed by the government, aims to formalize the gold trading sector, particularly focusing on small-scale mining, and to promote traceability in the industry.
This initiative is designed to enhance Ghana’s international reputation as a responsible and transparent gold producer.
The government envisions GoldBod as the exclusive buyer of gold from licensed small-scale miners, working through accredited aggregators. GoldBod will also serve as the sole assayer of gold in the country.
Proponents argue that this approach will address critical issues such as gold smuggling, improve the country’s foreign exchange reserves, and contribute to the stabilization of the Ghanaian cedi.
Gold Board Bill 2025
The Gold Board Bill 2025 was passed by Parliament on Friday, March 28, 2025. This bill is part of a broader framework aimed at regulating the gold sector in Ghana. Its primary objectives are to oversee the buying, selling, and export of gold.
This legislative effort is designed to strengthen the formalization of the gold trade, improve industry transparency, and provide a significant boost to Ghana’s economic growth.
Given that Ghana is Africa’s leading gold producer, the establishment of the Ghana Gold Board is expected to enhance investor confidence and ensure better regulation in the sector, thus benefiting the national economy.
Background
The Ghana Gold Board, also known as GoldBod, was established by former President John Dramani Mahama as part of his administration’s economic revitalization agenda. The creation of GoldBod was a key promise in the National Democratic Congress (NDC) 2024 manifesto, aiming to regulate and market the country’s gold resources for national benefit.
To lead this initiative, President Mahama appointed Sammy Gyamfi, the NDC Communications Officer, as the acting Managing Director of the Precious Minerals Marketing Company (PMMC). Sammy Gyamfi has been tasked with setting up and operationalizing GoldBod under the supervision of the Minister of Finance.
Strengthening Ghana’s Gold Sector
The Ghana Gold Board is poised to play a pivotal role in formalizing the small-scale gold mining sector by ensuring better regulation, providing support services, and promoting sustainability within the industry.
This initiative is in line with the Mahama administration’s broader strategy to enhance the extractive sector and optimize revenue from gold exports.
A statement issued by Presidential Spokesperson Felix Kwakye Ofosu emphasized GoldBod’s role in enhancing transparency and sustainability in gold management, stating: “The board will ensure the effective marketing and management of Ghana’s gold resources for the benefit of all Ghanaians.”
Sammy Gyamfi’s Expertise
Sammy Gyamfi, appointed as the acting Managing Director of PMMC, brings a wealth of experience to the GoldBod initiative. A lawyer and economic policy analyst, he holds a BSc in Environmental Science, a Bachelor of Laws degree from Kwame Nkrumah University of Science and Technology (KNUST), and a Master’s degree in Economic Policy Management from the University of Ghana.
He also holds executive certifications from the prestigious Harvard Kennedy School.
Before his current role, Sammy Gyamfi worked with Ghanaian mining firm Exton Cubic Group Limited and has gained prominence as the NDC’s National Communications Officer.