Sammy Gyamfi, the acting Managing Director of the Precious Minerals Marketing Company (PMMC) has revealed that under the GoldBod, no one can export gold except the GoldBod.
Sammy Gyamfi suggested that GoldBod framework, 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.
“So we don’t have to wait for 30 days for an exporter, a private person, to bring us dollars. Because it is GoldBod, once we export that same day, we get 90 to 95% of the dollars, and within 48 hours, the remainder of the dollars come,” Mr Gyamfi assured.
Meanwhile. Osei Kyei-Mensah-Bonsu, the former Majority Leader in Parliament has cautioned the NDC government that if they get Goldbod wrong at the very outset, it will be dangerous for the country.
He noted that the Goldbod cannot be turned into a job for the boys.
According to Osei Kyei-Mensah-Bonsu, the Goldbod cannot be left in the hands of people with no work experience.
He further noted that Ghana cannot leave its gold in the hands of such people.
Speaking at the Kumasi Dialogue by the parliamentarian which was themed: “Assessing the 2025 Budget: Implications for Kumasi’s Development and the Way Forward Osei Kyei-Mensah-Bonsu stated, “Terms to stabilise exchange rate through gold marketing, the Goldbod being introduced by the NDC truth be said, if they will do it and do it well it will help. It is a good intent”.
It is a good intent that they have expressed, you expect to populate the board with people with demonstrable competencies in commodity trading and so on. If you take people with no work experience, job for the boys, we can’t leave the country’s gold in the hands of such people”, he said.
“If we get it wrong at the very outset, it will be dangerous for us as a country”, he added.
The NDC their manifesto promise, the Ghana Gold Board is being established 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.
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