Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has dismissed claims that the Ghana Gold Board (Goldbod) Bill criminalizes the possession of gold by individuals, including chiefs.
In a social media post on Sunday, March 30, he described such assertions as “totally false.”
Sammy Gyamfi insisted that the bill, which has been passed by Parliament and is awaiting presidential assent, does not prohibit anyone from holding or storing gold for personal or traditional purposes.
“What constitutes a crime under the Goldbod Bill (Clause 68 (1)) is the hoarding of gold,” he clarified.
He explained that hoarding, as defined in the bill, refers to “the accumulation or storage of a gold mining product beyond reasonable business needs, with the purpose of manipulating market conditions or creating artificial scarcity.”
According to the PMMC MD, the law is designed to prevent situations where licensed agents of Goldbod, who receive funds to purchase gold on behalf of the board, deliberately hold onto large quantities to distort the market.
“It is therefore false that the Goldbod Bill criminalizes the possession of gold by a person or chief,” Sammy Gyamfi emphasized.
He further noted that, rather than restricting gold ownership, Goldbod will encourage Ghanaians to invest in gold products such as coins and bars as a secure store of value.
“The claim that possessing gold for ancestral, traditional, or personal reasons constitutes a crime under the Goldbod Bill is totally false,” he stressed.
His clarification comes amid concerns that the new framework for regulating gold trade in the country could limit the rights of traditional leaders and individuals who own gold for cultural or economic purposes.
