Sammy Gyamfi Warns Nation Wreckers: I Don’t Care Whose Ox Is Gored! … Gold Smugglers Will Be Dealt With Decisively

The Ghana Gold Board (GoldBod), in collaboration with the National Security Secretariat, has announced a major crackdown on gold smuggling and illegal trading.

The announcement was made by the Chief Executive Officer of GoldBod, Sammy Gyamfi, during his keynote address at the Mining in Motion Summit held in Accra yesterday.

Addressing a high-profile audience, including His Royal Majesty Otumfuo Osei Tutu II, ministers of state, diplomats, industry captains and representatives from across the sub-region, the CEO declared the era of illegal gold trading ‘officially over.’

“In the coming weeks, we shall launch a standing anti-gold smuggling taskforce, in conjunction with the National Security Secretariat. All persons who fall foul of the law will be dealt with – no matter whose ox is gored.”

This taskforce marks a pivotal point in Ghana’s efforts to safeguard the integrity of its gold value chain and ensure that the nation reaps the full economic benefits of its mineral wealth.

Despite Ghana currently holding the title of Africa’s largest gold producer, its artisanal small-scale mining (ASM) sector has operated in a loosely regulated environment, leading to rampant smuggling, foreign currency losses, and environmental degradation.

This, Sammy Gyamfi said, necessitated the establishment of GoldBod by President John Dramani Mahama to reform the gold sector and has indeed become the central state agency mandated to buy, assay, refine, and export gold – particularly from the ASM sector.

Since assuming the rights and responsibilities of the now-defunct Precious Minerals Marketing Company (PMMC), GoldBod has implemented sweeping reforms to close regulatory gaps.

Between February and May 2025, GoldBod purchased and exported gold valued at over GH¢40 billion, or approximately $4 billion, solely from the ASM sector.

This performance has now surpassed that of large-scale gold exporters for the first time in the country’s history. “In May alone, we recorded gold exports of 11 tonnes, valued at over $1.1 billion USD,” the CEO revealed adding “This level of output and forex inflow is transforming our economic fortunes.”

Building a Sustainable and Transparent Supply Chain

To reinforce Ghana’s position in the global gold market and ensure traceability, GoldBod will launch a digital supply chain traceability system before the end of 2025.

The technology, he noted, will allow the government and international partners to track every gram of gold from mine to market, ensuring that all gold originates from legal, environmentally sustainable, and ethically compliant sources.

Additionally, starting September 2025, GoldBod and the Ministry of Lands and Natural Resources will begin training artisanal miners in eco-friendly practices and recovery optimization techniques. This initiative aims to increase productivity while minimizing environmental harm.

GoldBod is also leading a licensing overhaul, with categories ranging from aggregation and refining licenses to export partnerships. All licensees are expected to comply with strict responsible sourcing standards, in line with anti-money laundering (AML) and counter-terrorism financing (CTF) protocols.

A Call to Global Partners and Investors

Mr Gyamfi extended an open invitation to international investors to tap into Ghana’s rapidly formalising gold sector.

He cautioned that foreign entities are prohibited from buying gold directly on the local market but are encouraged to partner with licensed Ghanaian aggregators or apply for export partnership licenses, refinery operations, or jewellery manufacturing projects.

The Board reaffirmed its commitment to value addition and announced plans to move Ghana away from exporting dore (semi-pure gold) to refined bullion.

Furthermore, work is underway to establish an ISO-certified, LBMA-compliant assay laboratory by 2026, a move aimed at cementing Ghana’s credibility and increasing returns from gold exports.

Investing in Communities and the Environment

In line with its corporate social responsibility goals, he pledged that GoldBod will reinvest a portion of its trading surplus in land reclamation, environmental sustainability programs such as Blue Water and Tree for Life, and geological research to end “lottery mining.”

Additionally, significant resources will also be directed toward education, healthcare and clean water projects in mining communities that have borne the brunt of illegal operations for decades.

“We will not rest until every gold smuggler is put behind bars,” he emphasised. “The days of operating outside the law are gone.”

To conclude, Mr Gyamfi left his audience with a powerful message: “Ghana is ready. GoldBod is prepared. Together, we can chart a new course where our natural wealth uplifts communities, strengthens our economy and protects our environment.”

The post Sammy Gyamfi Warns Nation Wreckers: I Don’t Care Whose Ox Is Gored! … Gold Smugglers Will Be Dealt With Decisively appeared first on The Ghanaian Chronicle.

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