The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, stated that the newly established agency aims to bring order and transparency to Ghana’s gold trade by streamlining operations and addressing smuggling issues. During the Mining in Motion Summit, which aired on Channel One TV’s The Point of View on Monday, June 9, he revealed that consultations with various stakeholders showed overwhelming support for a single, central body to regulate the gold sector. Gyamfi described the previous state of the gold industry as chaotic and poorly coordinated.
“All the patriotic Ghanaians we engaged, along with various civil society organisations, saw GoldBod as a critical — an urgent necessity — to address this mess,” he remarked. He explained that prior to GoldBod’s establishment, the gold trading landscape was characterised by multiple state agencies purchasing gold with little coordination, leading to regulatory loopholes that smugglers exploited with ease.
“We now have a central agency that streamlines and structures gold trading, licenses all parties involved in the trade, and ensures adherence to a common code of conduct regarding responsible sourcing, legal exports, and more,” he added. Gyamfi emphasised that this unified approach will not only eliminate irregularities but also ensure that Ghana retains the foreign exchange revenue associated with its gold exports, which is critical for national development.
“This ensures that we will receive the foreign exchange related to the gold we purchase and the revenue that is essential for the country’s development,” he stated. GoldBod was established under the GoldBod Act of 2025 (Act 1140) as part of the government’s economic revitalisation agenda aimed at curbing smuggling and boosting Ghana’s foreign reserves.
Source: Citi Newsroom
