Sammy Gyamfi, CEO of Ghana Gold Board
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified public concerns regarding GoldBod’s use of black market foreign exchange (forex) rates in gold transactions.
Recent reports on social media alleged that GoldBod was illegally transacting at black market rates, sparking backlash and concerns about regulatory breaches.
However, Gyamfi has confirmed that while GoldBod recently transacted using the informal forex rate, the practice was neither illegal nor unprecedented in Ghana’s gold market.
Responding to concerns raised by IMANI Vice President Bright Simons on X (formerly Twitter), Gyamfi explained that GoldBod’s use of the black market rate was a strategic intervention to prevent gold smuggling.
“Gold has always been bought in the local Ghanaian market based on the informal retail forex rate, popularly called the ‘black market’ rate, since time immemorial,” Gyamfi clarified.
He explained that when he assumed office as Acting Managing Director of the Precious Minerals Marketing Company (PMMC) on January 22, 2025, the ‘black market’ rate was the dominant pricing benchmark across the entire gold trading sector, including both public and private entities.
“What GoldBod has sought to do is to change this black market buying rate phenomenon, which is the primary source of forex trading losses by the Bank of Ghana (BoG), MIIF, and other responsible traders, through our market regulatory powers,” he noted.
Gyamfi further disclosed that by April 2025, GoldBod had successfully aligned local gold buying prices with the interbank forex rates, maintaining that balance for nearly two months.
However, in the last two weeks of June 2025, GoldBod was compelled to temporarily revert to black market rates to curb aggressive competition from gold smugglers and hoarders, who were exploiting the significant price gap between the interbank rate (GH¢10.3) and the black market rate (over GH¢12).
“This was necessary to stop smugglers who were draining Ghana’s gold reserves because the official rates made local purchases unattractive to sellers,” Gyamfi explained.
In spite of the concerns, Gyamfi has assured that GoldBod will now fully revert to using the Bank of Ghana’s official interbank rate and is working to permanently stabilise the gold trading market to prevent future distortions.
@BBSimons There are several misconceptions contained in your write-up that are worth clarifying, given the considerable public interest nature of the issues raised.
Respectfully, I will address your concerns, one after the other.
1. The “controversy” about GoldBod’s forex…
— Sammy Gyamfi (@SammyGyamfi_) July 3, 2025
AME
Cheque Fraud EXPOSED: How it works and how to stay safe
GhanaWeb Special: The gold market that fuels galamsey