In a decisive move to alleviate concerns regarding potential conflicts of interest, Mr. Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has unequivocally stated that the Ghana Gold Board (Goldbod) will maintain a clear distinction between its roles, ensuring that it neither competes with nor regulates independent gold buyers. This assertion underscores the organization’s commitment to transparency and accountability in its operational framework.
The Goldbod’s mandate is meticulously defined, structured, and modelled to guarantee transparency, accountability, and non-interference in the private sector’s role within the gold trading space.
“Goldbod is not a competitor when it comes to its core mandate of trading gold — buying and exporting gold. It has no competitor in that space. So where would the conflict of interest arise?” Mr. Gyamfi posited in an interview on JoyNews’ Newsfile.
Drawing a cogent parallel with the operations of Ghana Cocoa Board (Cocobod), Mr. Gyamfi elucidated that, akin to Cocobod’s practice of licensing private cocoa buying companies and providing them with seed funding to purchase cocoa on its behalf, Goldbod will adopt a similar model in the gold sector.
“Ghana is not a communist state. The government is not nationalising gold trade. The private sector will still play its role. We will license gold aggregators and buyers, advance funds to them, and they will buy gold for and on behalf of the Goldbod,” he clarified.
Mr. Gyamfi further expounded upon the regulatory powers assigned to Goldbod, emphasizing their necessity in ensuring that licensed agents comply with best practices, operate within the law, and utilize the advanced funds appropriately.
He noted that the powers of inspection and monitoring, as stipulated in sections 44 and 45 of the Goldbod Act, empower inspectors to visit the premises of licensees, audit their books, and ensure compliance — analogous to provisions seen in other regulatory bodies like the National Communications Authority (NCA).
“We are not going to be a player and a referee. Goldbod is not competing with any independent gold buyers. Rather, we are regulating the people we have licensed and given money to buy gold for us,” he emphasized.
Mr. Gyamfi also provided clarity on the establishment of a tribunal under Goldbod’s regulatory framework, indicating that it is part of efforts to promote alternative dispute resolution mechanisms in the gold trade sector.
He thus dismissed claims that Goldbod’s dual role of regulation and trade constitutes a conflict of interest, characterizing such assertions as unfounded and predicated upon a misapprehension of the model.
“This issue is totally moot. No issue of conflict of interest arises here,” he concluded.
