GoldBod Anchors Prez’s Economic Recovery Plan –Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Mr. Sammy Gyamfi, has declared that the new institution is not just another regulatory agency, but the backbone of President John Dramani Mahama’s ambitious plan to rescue Ghana’s ailing economy.

Speaking at the Mining in Motion Summit in Accra, Mr. Sammy Gyamfi asserted that GoldBod is a central pillar in the Mahama administration’s economic recovery strategy, designed to harness the country’s gold wealth to stabilise the cedi, improve foreign exchange reserves and reduce dependence on external financing.

“The President made it clear from day one – GoldBod is central to his economic revitalisation agenda,” Mr. Gyamfi told summit participants. It is not a side project. It is a cornerstone.”

Ghana’s traditional forex earners – cocoa and oil – have struggled to meet expectations, amid global shocks.

In response, the Mahama administration has pivoted toward the country’s most abundant and historically underutilised resource: gold.

A flagship initiative under this pivot is the Gold for Forex programme, developed with the Bank of Ghana. It aims to strengthen the cedi by using domestically acquired gold to directly support the forex market.

According to the Chief Executive Officer of the GoldBod, Ghana’s gold export system was until recently, a chaotic and loss-ridden sector dominated by smuggling and weak regulation.

The Precious Minerals Marketing Company (PMMC), which previously handled ASM (artisanal small-scale mining) gold, failed to coordinate efforts across state agencies, leading to billions in lost revenue.

“The previous system was fragmented and porous. Smugglers thrived and the state lost huge sums annually,” Sammy Gyamfi lamented, adding “We had no way of accounting for what we were losing.”

GoldBod, operational since April 2025, has already reversed this trend. Empowered by the GoldBod Act 2025 (Act 1140), the agency has become the sole legal buyer and exporter of ASM gold in Ghana and has been given pre-emptive rights to purchase from large-scale producers when necessary.

In just one month, May 2025, GoldBod exported over 11 tonnes of ASM gold valued at $1.172 billion. Between February and May, the agency oversaw more than GH?40 billion (approximately $4 billion) in ASM gold exports, outpacing large-scale mining operations for the first time in Ghana’s history.

What was once an informal, opaque value chain now operates under strict regulation. GoldBod has introduced an aggregation mechanism that captures over 90% of all ASM gold on the market, a feat previously considered unachievable.

The GoldBod Act, Mr. Gyamfi said, is one of Ghana’s most consultative and progressive pieces of legislation. It involved civil society, traditional authorities, miners, traders, and the media.

The law mandates licensing for every player in the value chain aggregators, transporters, refiners, smelters, and exporters under a regulatory code that meets international anti-money laundering and counter-terrorism financing (AML/CFT) standards.

“We didn’t sleep. We worked with every stakeholder. Everyone knew the gold trade had become a national emergency,” he emphasised.

GoldBod has also moved decisively to bar foreign nationals from directly purchasing gold within Ghana.

However, they can participate through partnerships with licensed local firms or invest in value-added ventures such as refineries or jewellery manufacturing.

The agency is finalising a digital supply chain traceability system set to launch by the end of 2025.

This innovation will ensure full transparency from mine site to export point, enhancing Ghana’s credibility on global commodity markets.

Beyond regulation and export statistics, Mr. Sammy Gyamfi stressed that GoldBod’s mission is deeply nationalistic. It aims to retain wealth, reduce capital flight and rebuild investor confidence in Ghana’s economy.

“This isn’t just about stopping smuggling, it’s about financing development with our own resources. It’s about getting the forex we need to invest in roads, schools and healthcare.”

By anchoring the gold sector to broader macroeconomic goals, the Mahama administration is positioning GoldBod as a strategic instrument not only to clean up an exploitative sector but to drive national progress.

As Ghana navigates global inflation, debt burdens and post-pandemic shocks, GoldBod has emerged as a rare success story evidence of what deliberate leadership, good polic, and bold execution can achieve.

In the words of the Chief Executive Officer of the GoldBod, “Ghana’s gold is no longer just glitter, it’s the foundation of our recovery.”

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