"Setting the Record Straight: Sammy Gyamfi Dispels Myths About Goldbod’s Powers"

Clearing the Air on Goldbod’s Role

In a bid to address public concerns and correct misinformation, Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has come forward to clarify the role and authority of the Ghana Gold Board (Goldbod). Contrary to claims circulating in the media and public discourse, Gyamfi insists that Goldbod does not wield excessive power within Ghana's gold sector.

What Is Goldbod, and Why the Concern?

Goldbod, formally known as the Ghana Gold Board, was established as part of a broader government initiative to streamline and formalize operations within the small-scale gold mining industry. Its creation followed years of unregulated and informal gold exports, which significantly affected Ghana’s foreign exchange potential and opened the sector to illegal practices.

Recently, some industry watchers and political voices have raised concerns that Goldbod might be operating with too much authority—acting as both a regulator and a commercial player. These concerns center around the perception that such a dual role could create conflicts of interest or stifle competition.

Gyamfi's Rebuttal: “Goldbod Isn’t Too Powerful”

Responding directly to these claims, Sammy Gyamfi stated categorically that Goldbod does not possess any “excessive power.” According to him, the Board’s powers are specific and clearly defined, primarily focusing on streamlining the gold export sector for small-scale miners.

He emphasized that Goldbod’s regulatory role is limited to supervising its licensed agents. It does not regulate all market players across the gold industry and certainly does not have oversight over its competitors. This narrow scope, he explained, prevents the kind of overreach critics are concerned about.

Why This Matters: Transparency and Growth

The creation of Goldbod is part of a larger push by the government to enhance transparency, combat smuggling, and improve Ghana's gold export earnings. Small-scale mining contributes significantly to Ghana’s gold production, but much of that gold has historically left the country through unofficial channels.

By creating a centralized framework through Goldbod, the government hopes to ensure that small-scale miners can participate in the formal economy, enjoy better prices for their gold, and contribute directly to the nation’s revenue base.

Balancing Regulation and Commerce

One of the major points of debate is whether a single institution should be involved in both regulatory oversight and commercial activities. Gyamfi addressed this head-on, explaining that Goldbod’s commercial functions are distinct from its limited regulatory responsibilities. The idea is not to dominate the sector but to provide a transparent and structured platform that benefits all stakeholders—from miners to exporters.

A Step Towards Formalization

In the past, small-scale miners often faced numerous barriers when trying to export their gold legally. Goldbod’s model seeks to reduce bureaucracy and offer miners a trustworthy channel to export their product, all while ensuring the state earns its fair share from these transactions.

Looking Ahead

As the gold industry continues to evolve, it is clear that institutions like Goldbod will play an increasingly critical role in ensuring sustainability, accountability, and growth. While skepticism is natural in the face of change, Gyamfi’s comments serve as a reminder that the ultimate goal is to build a system that works for everyone—from the miner in the pit to the policymakers in Accra.