In a bold swipe at Ghana’s gold governance framework, Sammy Gyamfi has questioned the dual-role ambitions of GoldBod, asserting that no entity should be both player and referee in the nation’s critical mineral trade.
The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi ,has addressed concerns regarding the proposed Ghana Gold Board’s (GoldBod) dual role as both regulator and trader in the gold sector. In a discussion on JoyNews’ Newsfile earlier today April 5, 2025, Gyamfi clarified that the GoldBod would be the sole entity responsible for buying, assaying, selling, and exporting gold in Ghana, thereby eliminating any potential conflict of interest.
The proposal to create the GoldBod has sparked heated debates about the potential for a conflict of interest, given its dual function as both a regulatory body and a player in the gold trade. Gyamfi, however, firmly rejected these claims, stating, “GoldBod has no competitor. So where would the conflict of interest arise?” He explained that unlike other regulatory bodies, the GoldBod would not be competing with private sector players; instead, it would license them to buy gold on its behalf, similar to how Cocoa Board works with Licensed Buying Companies.
This approach, Gyamfi emphasized, avoids the pitfalls of a “player and referee” situation, where the same entity both participates in and oversees the market. “We are not going to be a player and a referee,” he asserted. “If GoldBod was one buyer among many and also the regulator, that would be a conflict. But it’s the only buyer.” His point was clear: by having GoldBod take on the sole responsibility of trading, the government ensures a level playing field and maintains the integrity of the market.
In a broader context, Gyamfi highlighted the potential economic benefits of such a move, particularly in terms of foreign exchange. By bringing the trading of gold under government control, the GoldBod will help repatriate the foreign exchange generated from gold exports back into the country, addressing concerns about the current dominance of foreign actors in the gold trade. He also emphasized that the initiative would lead to value addition, ensuring that Ghana exports refined gold rather than raw, unrefined gold, which currently fuels smuggling and weakens the country’s economy.
Last Updated on April 6, 2025 by samboad
