“Goldbod is a monopoly in the trading and export of gold” – Sammy Gyamfi clears misconception

“The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some.

The Goldbod is simply a monopoly in the trading and export of gold. It has no competitors relative to its core function of gold trading and export.”

He added that the regulating function of the Goldbod relates only to its own licensed agents and not competitors.

“The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod for the realization of the objects of the Goldbod,” he wrote on Facebook.

He emphasized that the Goldbod will not be regulating competitors but rather, its own licensed agents. |Thus, the issue of conflict of interest, does not arise at all.”

The NDC in their manifesto ahead of the December 7, 2024 elections promised to establish the GoldBod to regulate the small-scale mining sector.

Sammy Gyamfi the acting CEO of the Precious Mineral and Marketing Commission, has been tasked to lead the formation of the GoldBod.

This new institution will regulate the gold sector, curb smuggling, and promote responsible gold trade.

Sammy Gyamfi also stated that the suggested GoldBod framework will mean only a single state-backed entity will have the authority to export gold from Ghana.

Speaking on JOYNEWS Sammy Gyamfi stated, “The unstructured, unregulated system led to a situation where we were not getting the forex we are supposed to get as a nation, from the gold we export from Ghana”.

“If the person wants to export through legal means, he loses out completely. So most of these people, especially the foreigners, they buy to smuggle, and when they smuggle, the state is deprived or denied of the forex,” he added.

He further added, “So under the GoldBod, no one can export gold except the GoldBod, and once we are the ones exporting, all the dollars will come back”.

“When you have GoldBod, you buy the gold, you export the gold. When you export the gold that same day, you get 90% of the dollars in the country. It’s in your account at the Bank of Ghana.

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