GoldBod is Simply a Monopoly with No Conflict of Interest - Sammy Gyamfi
Accra, Ghana - 31 March, 2025 - The Ghana Gold Board (GoldBod) has moved to allay concerns about potential conflicts of interest in its dual role as a trader and regulator of the gold industry.
According to Sammy Gyamfi, Managing Director of the Precious Minerals Marketing Company (PMMC), GoldBod's regulatory function is limited to its licensed agents, eliminating the risk of conflict of interest.
Gyamfi emphasized that GoldBod is not a regulator or competitor in the gold trade, but rather a monopoly responsible for trading and exporting gold.
He noted in a post on his X account (formerly Twitter) that the regulatory authority of GoldBod is restricted to ensuring compliance among its licensed service providers, not external traders.
“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.''
“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.
The clarification comes as the Ghana Gold Board Bill 2025 has been passed into law, establishing GoldBod as the sole exporter of gold from Ghana's small-scale mining sector.
This move is part of President John Dramani Mahama's economic revitalization efforts, operating under the supervision of the Ministry of Finance.
Source: Lead News Online
