The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has indicated that the newly established institution will accelerate President John Dramani Mahama’s economic recovery agenda and reverse Ghana’s recent economic challenges.
“The President made it clear right from the outset that GoldBod was central to his economic revitalisation agenda,” Mr. Sammy Gyamfi reiterated.
He further underscored the critical role the gold sector plays in the current recovery strategy.
Speaking at the Mining in Motion Summit in Accra, Mr. Sammy Gyamfi stated that the President had, from the beginning, identified GoldBod as a cornerstone of efforts to stabilise the national economy.
This, he said, will be pursued primarily through strengthening Ghana’s gold trade and shoring up foreign exchange reserves.
With dwindling traditional sources of foreign exchange, including cocoa and oil, the Mahama administration has had to look inward.
According to Mr. Sammy Gyamfi, the Gold for Forex programme, developed in conjunction with the Bank of Ghana, is one of the more ambitious local initiatives designed to leverage the country’s abundant gold resources to stabilise the cedi and increase liquidity in the forex market.
Reversing a legacy of smuggling
The GoldBod CEO painted a grim picture of the country’s previous gold export landscape, which he said, was characterised by a disjointed system run by the now-defunct Precious Minerals Marketing Company (PMMC).
He said the absence of coordination among multiple state agencies led to widespread smuggling and billions in lost revenue.
“The previous system was chaotic. It lacked regulatory coherence and created loopholes that were exploited by smugglers.
“We were losing huge sums of money every year due to these inefficiencies,” Mr. Sammy Gyamfi
He stated that under GoldBod’s watch, a new structure has emerged, regulated, coherent, and centralised.
The agency is now the sole legal buyer and exporter of artisanal small-scale (ASM) gold and may also exercise preemption rights to purchase from large-scale producers.
Immense impact on gold exports
Mr. Sammy Gyamfi said that in just a few months since its operationalisation in April 2025, GoldBod has achieved what many considered near impossible.
He noted that aggressive reforms and strict regulatory oversight have allowed the agency to purchase and export more than 11 tons of ASM gold in May alone, valued at $1.172 billion.
Mr. Sammy Gyamfi pointed out that from February to May 2025, the agency exported over GH¢40 billion (roughly $4 billion) worth of ASM gold, overtaking large-scale mining exports for the first time in Ghana’s history.
GoldBod, he added, has also implemented strong aggregation mechanisms, capturing over 90% of all ASM gold on the market, an unprecedented achievement in a sector once dominated by informal players and illicit actors.
Legal backing
Mr Sammy Gyamfi said the GoldBod Act 2025 (Act 1140), which provides the legal foundation for the agency, was the product of extensive stakeholder consultation involving civil society groups, traditional leaders, miners, traders, and the media.
“We didn’t sleep. We worked with stakeholders to develop what some are calling one of the best pieces of legislation in Ghana today.
“All the patriotic Ghanaians and civil society groups we engaged saw GoldBod as an urgent imperative to stop this mess,” he explained.
The new legal regime, Mr Sammy Gyamfi emphasised, gives GoldBod authority to license every actor in the gold value chain—aggregators, refiners, transporters, smelters, and exporters—under codes of conduct that comply with international AML/CFT (anti-money laundering and combating the financing of terrorism) standards.
Empowering responsible investment
Under the new law, foreign nationals are now barred from directly buying gold in the domestic market, though they can partner with licensed entities or apply to establish refineries and jewelry manufacturing plants.
This is part of GoldBod’s broader effort to clean up the gold trade while still inviting value-added investment.
A digital supply chain traceability system is also expected to roll out by the end of the year, a move designed to ensure transparency from mine site to export point.
Retaining wealth, stabilising the economy
Mr. Sammy Gyamfi assured that he and this team are clearly aware of the strategic purpose of the GoldBod.
“It’s not merely about curbing smuggling or organising traders—it’s about national development.
“This ensures that we are able to get the forex associated with the gold we buy and the revenue that we desperately need for the development of the country,” Mr. Gyamfi said.
He added that the transformation of the gold trade is fundamental to sustaining macroeconomic stability, reducing Ghana’s reliance on external loans, and rebuilding investor confidence in the economy.
A central pillar of recovery
With its centralised mandate, sweeping reforms, and demonstrated impact on gold trade efficiency and foreign exchange generation, GoldBod has emerged as more than just a regulatory body—it is a key instrument in Ghana’s economic renaissance.
As Ghana continues to navigate the stormy waters of global inflation, currency pressures, and post-pandemic recovery, the country’s rich mineral wealth, under the careful stewardship of GoldBod, may just prove to be its most dependable lifeline.
