Sammy Gyamfi, the acting Managing Director of the Precious Minerals Marketing Company (PMMC), has outlined the key objectives of the GoldBod initiative, aimed at centralizing gold exports under a single state-backed entity.
This move, he stated, is intended to curb the loss of foreign exchange from Ghana’s unregulated gold export system, which has contributed to the depreciation of the Cedi.
In an interview on JoyNews PM Express, Gyamfi explained that the current system, where private companies compete with state institutions like PMMC and the Bank of Ghana, has led to widespread smuggling and forex losses.
He highlighted that many exporters, especially foreign buyers, resort to illegal channels as legal exports often do not provide competitive returns.
Under the GoldBod framework, all gold exports will be handled by one entity, ensuring that foreign currency earnings are immediately repatriated, helping stabilize the Cedi.
Gyamfi noted that while current private exporters are required to repatriate 80% of their forex within 30 days, compliance is often lacking.
In contrast, the GoldBod will ensure 90% of earnings are credited to the Bank of Ghana on the same day, with the remainder arriving within 48 hours.
The GoldBod initiative aims to streamline gold exports and safeguard the country’s forex reserves, helping Ghana tackle its current currency and inflation challenges.
