The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has stated that the establishment of the Board received strong support from stakeholders and civil society organisations, who viewed it as a necessary step to combat gold smuggling and streamline the country’s gold trade.
According to Gyamfi, the previous system, in which multiple state agencies were involved in gold purchasing without proper regulation, created a chaotic environment that enabled large-scale smuggling and loss of national revenue.
“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 said at the Mining in Motion Summit aired on Channel One TV‘s The Point of View on Monday June 9.
“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.”
He explained that under the new framework, GoldBod ensures responsible gold sourcing and legal exports, allowing the country to benefit from the foreign exchange and revenue generated through gold trading.
“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,” Gyamfi added.
The GoldBod, established under the GoldBod Act 2025 (Act 11,40), is tasked with regulating Ghana’s gold purchasing, exportation, and trade practices to improve transparency, boost foreign reserves, and curb smuggling.
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