GoldBod CEO Sammy Gyamfi Outlines Gold Sector Reforms and Rebuts Claims of Bank of Ghana Losses

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has launched a robust defense of the current administration's gold sector reforms while criticizing the practices of the previous New Patriotic Party (NPP) government. Speaking on the state of the industry, Gyamfi highlighted that under the former administration, several gold-buying companies operated without formal contracts, which created significant difficulties in monitoring transactions and accounting for the true value of Ghana's gold. These reforms, spearheaded by President John Mahama, are designed to introduce structure, enhance transparency, and ensure that the state retains a greater share of its mineral wealth through improved accountability.

Gyamfi detailed how the previous regime allowed private entities to adjust exchange rates for costs arbitrarily, a practice that hindered effective state oversight and financial tracking. To rectify these systemic flaws, GoldBod is now profiling all licensed companies to ensure full traceability of gold from the point of purchase to export. A central pillar of the current strategy is the promotion of local gold refining. By shifting away from raw exports, the Mahama administration aims to boost economic benefits and create jobs within the domestic value chain, addressing the fragmented system inherited from the previous government.

Addressing recent allegations regarding the Bank of Ghana (BoG), Gyamfi dismissed claims that GoldBod’s assay fees contributed to the central bank's financial losses. He clarified that these fees were not arbitrary charges introduced by the current management but were established under the previous administration and approved by Parliament. Gyamfi further noted that his leadership has actually significantly reduced these fees to improve operational efficiency and benefit the state. He questioned the logic behind blaming these regulated charges for the central bank’s broader fiscal challenges, emphasizing that GoldBod’s role is to facilitate transparent trade rather than drive up costs for the state.

Finally, Gyamfi clarified the status of the Domestic Gold Purchase Programme, stating definitively that the initiative launched by the NPP administration ended before the current government took office. He urged the public to disregard misleading suggestions that the old programme is still in operation, noting that GoldBod's current activities are distinct and focused on modernization. As the board continues its restructuring, the focus remains on building a structured trading environment where every ounce of gold is accounted for, ensuring that Ghana's natural resources serve as a catalyst for sustainable national development under President Mahama’s leadership.