The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has addressed concerns over GoldBod’s dual role in trading and regulatory oversight, dismissing fears of potential conflicts of interest.
In a post on X, Gyamfi clarified that GoldBod is neither a regulator nor a competitor in the gold trade, but rather a monopoly responsible for the trading and export of gold.
“The GoldBod is simply a monopoly in the trading and export of gold… The regulatory function of the GoldBod relates only to its own licensed agents and not to competitors,” he stated.
He further emphasized that GoldBod’s regulatory role is solely focused on ensuring compliance among its licensed service providers, not external traders. “To clarify, GoldBod will regulate only its licensed agents, not competitors. Therefore, the issue of a conflict of interest does not arise,” he stated.
Regarding gold hoarding, Gyamfi highlighted that it is a criminal offense under Clause 68(1) of the GoldBod Bill. He explained that this provision is designed to prevent licensed agents from stockpiling gold to manipulate prices, create artificial scarcity, or engage in unfair competition.
These remarks come after the passage of the Ghana Gold Board Bill 2025 into law on Friday, March 28, 2025. The newly established Ghana Gold Board (GoldBod) has been tasked with overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
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Under the new law, GoldBod is designated as the sole exporter of gold from Ghana’s small-scale mining sector, effectively barring licensed traders and bullion dealers from directly exporting gold.
The creation of GoldBod is part of President John Dramani Mahama’s broader economic revitalization strategy and will operate under the supervision of the Ministry of Finance.
