GoldBod to Clean Up Ghana’s Gold Trade and Boost Forex Inflows – CEO Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has pledged that the newly formed agency will restore order and transparency to Ghana’s gold trade by curbing smuggling and streamlining operations.

Speaking on Channel One TV’s The Point of View during the Mining in Motion Summit on Monday, June 9, Gyamfi noted that extensive consultations with stakeholders showed overwhelming support for a single, central body to regulate the sector—long plagued by disorganization and regulatory gaps.

“All the patriotic Ghanaians we engaged, along with various civil society organizations, viewed the creation of GoldBod as a necessary and urgent intervention to clean up the mess,” Gyamfi said.

He explained that prior to the establishment of GoldBod, multiple state institutions were independently purchasing gold without proper coordination—creating loopholes that enabled rampant smuggling.

“With GoldBod now in place, we have one central agency regulating the sector, issuing licenses to all players, and enforcing a unified code of conduct covering responsible sourcing and legal exports,” he stated.

Gyamfi emphasized that this centralized and structured approach will not only tackle irregularities but also ensure Ghana maximizes its foreign exchange earnings from gold exports—vital for national development.

“This new system guarantees that the country receives the much-needed forex and revenue tied to gold exports, which is crucial for our economic progress,” he noted.

GoldBod was officially established under the GoldBod Act, 2025 (Act 1140), as a key part of the government’s broader strategy to curb illegal gold trading and strengthen Ghana’s foreign reserves.