The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has dismissed concerns that the newly established Ghana Gold Board (GoldBod) could face conflicts of interest due to its dual role in gold trading and regulatory oversight.
Addressing the issue in a post on X, Gyamfi clarified that GoldBod is neither a regulator nor a competitor in the gold trade but a monopoly designated for gold trading and export.
“The GoldBod is simply a monopoly in the trading and export of gold… The regulatory function of the GoldBod relates only to its own licensed agents and not to competitors,” he stated.
He further explained that GoldBod’s regulatory responsibilities are strictly limited to ensuring compliance among its licensed service providers, not the broader industry.
“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,” he added.
On concerns about gold hoarding, Gyamfi pointed out that it is classified as a criminal offense under Clause 68(1) of the GoldBod Bill. He noted that the law is intended to prevent licensed agents from stockpiling gold to manipulate prices, create artificial scarcity, or engage in unfair competition.
His remarks come in the wake of the passage of the Ghana Gold Board Bill 2025 into law on Friday, March 28, 2025. The law grants GoldBod exclusive control over the buying, selling, and export of gold from Ghana’s small-scale mining sector, effectively barring licensed traders and bullion dealers from making direct gold exports.
The establishment of GoldBod is part of President John Dramani Mahama’s broader economic revitalization strategy and will function under the oversight of the Ministry of Finance.
