The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has addressed concerns about the Ghana Gold Board (GoldBod), reaffirming that it operates as a monopoly in gold trading and export.
His statement follows the passage of the GoldBod Bill by Parliament on March 28, 2025. Gyamfi clarified that GoldBod’s regulatory oversight applies only to its licensed agents, dismissing concerns of a conflict of interest.
He explained that the board’s regulatory role is designed to ensure compliance with its governing Act and regulations, specifically for service providers authorized to trade on its behalf.
Gyamfi stressed that GoldBod’s structure is not intended to create an unfair competitive advantage but to maximize the benefits of Ghana’s gold resources while maintaining strict oversight of licensed agents.
Below is the full statement:
CLEARING THE MISCONCEPTIONS ABOUT THE GOLDBOD (PART 1)
CLAIM 1: THE GOLDBOD IS A REGULATOR AND A COMMERCIAL PLAYER AT THE SAME TIME. HENCE, THERE WILL BE CONFLICT OF INTEREST IN ITS OPERATIONS.
RESPONSE: FALSE
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.
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.
For emphasis, 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.
Sammy Gyamfi ( Esq)
Ag MD, PMMC
