The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has dismissed concerns that GoldBod’s dual role in trading and regulatory oversight could lead to conflicts of interest.
In a post on X, Gyamfi clarified that GoldBod is neither a regulator nor a competitor in the gold trade but a monopoly responsible for the trading and export of gold.
“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 emphasized that GoldBod’s regulatory authority is limited to ensuring compliance among its licensed service providers, not external traders. “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 the issue of gold hoarding, Gyamfi stressed that it is a criminal offense under Clause 68(1) of the GoldBod Bill. He explained that this provision is aimed at preventing licensed agents from stockpiling gold to manipulate prices, create artificial scarcity, or engage in unfair competition.
His comments follow the passage of the Ghana Gold Board Bill 2025 into law on Friday, March 28, 2025. The newly established Ghana Gold Board (GoldBod) has been tasked with overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
Under this law, GoldBod has been designated as the sole exporter 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 economic revitalization efforts and operates under the supervision of the Ministry of Finance.
