Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has alleviated concerns regarding GoldBod’s dual role in trading and regulatory oversight, which purportedly could create conflicts of interest.
Mr. Gyamfi noted that GoldBod assumes a monopolistic position, solely responsible for the trading and export of gold, thereby negating any regulatory or competitive concerns.
“The GoldBod is, in essence, a monopoly in the trading and export of gold… Its regulatory purview exclusively encompasses its licensed agents, with no authority over competitors,” he said.
Sammy Gyamfi further emphasized that GoldBod’s regulatory authority is confined to ensuring compliance among its licensed service providers, with no jurisdiction over external traders.
“To reiterate, the GoldBod will not exercise regulatory control over competitors; rather, it will oversee its own licensed agents. Consequently, the specter of conflict of interest is entirely obviated,” he added.
Gyamfi also addressed apprehensions regarding gold hoarding, underscoring its classification as a criminal offense under Clause 68(1) of the GoldBod Bill.
This provision aims to prevent licensed agents from accumulating gold reserves to manipulate prices, create artificial scarcity, or engage in unfair competitive practices.
The Ghana Gold Board Bill 2025, enacted into law on March 28, 2025, establishes the Ghana Gold Board (GoldBod) as the sole exporter of gold from Ghana’s small-scale mining sector, effectively precluding licensed traders and bullion dealers from making direct gold exports.
The establishment of GoldBod is integral to President John Dramani Mahama’s economic revitalization initiatives and operates under the auspices of the Ministry of Finance.
