The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the institution’s gold pricing framework and traceability measures, insisting that claims of losses and opacity misunderstand how Ghana’s gold trading system currently operates.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi explained that GoldBod’s pricing model marks a significant departure from past practices, where gold was purchased at informal retail market rates.
“For years, gold has always been bought at informal retail market rates. This is the first time we’ve had an institution bringing the buying rate to the interbank level,” he said.
According to him, although GoldBod uses the interbank rate as its base, bonuses are added to account for price trends in neighbouring countries and to curb counter-smuggling.
He noted that when these bonuses are factored in, the final buying price comes close to retail market levels, though still below what was paid under the previous New Patriotic Party (NPP) administration.
“When you adjust the bonus plus the interbank price, it takes the final price to near retail market. It is still lower than the price at which the NPP was buying,” he said, adding that differences described as “losses” largely arise when foreign exchange inflows are later translated at lower interbank or Bank of Ghana rates.
Mr Gyamfi also addressed concerns about the source and destination of GoldBod’s gold, stressing that traceability remains central to the institution’s mandate.
“GoldBod was established to achieve something that has never been pursued in Ghana, traceability in gold trading,” he stated, noting that despite Ghana’s long history of gold trading, this is the first time a government has set clear timelines to ensure traceable supply chains.
He clarified that GoldBod does not directly purchase gold but operates through licensed traders, whose obligations are clearly outlined.
“If you check our website, the terms and conditions of all our licences are there. We buy gold through our licensees, and they are required to buy exclusively from licensed miners,” he explained, citing Section 59(c) of the GoldBod law, which criminalises breaches of this requirement.
On the environmental front, the GoldBod CEO maintained that the institution is supporting a tougher fight against illegal mining, commonly known as galamsey, unlike what he described as lax enforcement in previous years.
“We have revoked the legislative instrument that allowed mining in forest reserves, imposed restrictions on the importation of excavators, cleared illegal miners from nine forest reserves, and intensified arrests,” he said.
Mr Gyamfi added that seized excavators have been properly accounted for, water bodies are gradually recovering, and the government has resisted political interference in the enforcement process.
“We have not said our party needs money so galamsey should be a free-for-all enterprise,” he stressed, insisting that GoldBod’s reforms are restoring discipline, transparency, and environmental responsibility to Ghana’s gold sector.
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