GoldBod has stakeholder partnership against illicit trade, reform gold trade – Sammy Gyamfi

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has confirmed that the creation of the Board received strong support from stakeholders and civil society groups, who acknowledged its significance to deal with gold smuggling and enforce law and order to Ghana’s gold trade.

In his speech at the Mining in Motion Summit on Monday, 9 June, he said the previous system was lacked cohesion and oversight, leading to substantial financial shortfall for the country.

As per Mr Sammy Gyamfi, the former structure, which noted several state agencies involved in gold purchasing lacking clear communication, enabled manipulations that were exploited by smugglers.

Mr Sammy Gyamfi stated that “All the patriotic Ghanaians we engaged and the various civil society organisations saw GoldBod as an imperative—an urgent imperative—to stop this mess.”

He drew to attention that GoldBod now serves as the primary governing body responsible for regulating the trade, give out licences to all players and enforcing a standardized code of ethics

Mr Sammy Gyamfi explained that “We now have a central agency streamlining and structuring gold trading, licensing all players involved in the trade and ensuring that everybody adheres to one common code of conduct.” The CEO added that the revised guildlines not only ensures compliance with regulations but also helps the country conserve crucify foreign exchange reserves and revenue from its gold exports.

Mr Sammy Gyamfi drew to attention that “This ensures that we are able to get the forex associated with the gold we buy and the revenue that we desperately need for the development of the country.”

GoldBod was formed in accordance with the GoldBod Act, 2025 (Act 1140), as part of the government’s economic revitalization plan.

The primary objective of the GoldBod is to oversee gold purchasing, regulate exports, and promote happiness throughout the gold trade—measures is set to increase foreign exchange holdings and deal with smuggling and black market activities.

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