Chamber of Commerce Discusses Economic Opportunities With GoldBod CEO
The Acting Chief Executive Officer (CEO) for the Ghana Gold Board (GoldBod), Sammy Gyamfi ESQ. yesterday held a fruitful discussion with leaders of the Ghana National Chamber of Commerce and Industry on opportunities and necessary collaborations between the two entities for economic transformation and national development.
The meeting was important because Ghana Gold Board (GoldBod) has become the sole authority with exclusive rights to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana.
Leaders from the Chamber consisted of its President, Mr. Stephan Miezan, who was accompanied by the CEO, Mr. Mark Boadu-Aboagye, National Treasurer, Mr. Kabutey Ceaser, Member of GNCCI, Mr. Dennis O. Carter and Communication Officer, Peter At su Dotse.
In a Facebook post on the official page of GoldBod, it noted, “Earlier today, the Ghana National Chamber of Commerce and Industry paid a courtesy call on the CEO of GoldBod, Sammy Gyamfi ESQ. to discuss opportunities for collaboration for economic transformation.
It added, “Leading the team from the Chamber, was the President – Mr. Stephan Miezan, who was accompanied by the CEO – Mr. Mark Boadu- Aboagye, National Treasurer – Mr. Kabutey Ceaser, Member of GNCCI – Mr. Dennis O. Carter and Communication Officer – Peter At su Dotse.”
GoldBod Success
This comes after data released by the Ghana Gold Board (GoldBod) points to increased gold exports and receipts in recent months.
Weighted against trade volumes and revenues of the first quarters of 2023 and 2024, volumes and values for the first quarter of 2025 recorded manifold increases, with the trend pointing to an even better future.
This development comes after the newly established Ghana Gold Board announced that starting May 1st, 2025, all foreigners and individuals will no longer be allowed to engage in gold trading in Ghana’s local market.
The directive was part of the major reforms under the Ghana Gold Board Act (Act 1140), 2025.
A press release issued on Monday, April 14, 2025, and signed by GoldBod’s Media Relations Officer, Prince Kwame Minkah, made the announcement official. It explained that all licenses previously issued by the Precious Minerals Marketing Company (PMMC) and the Minister responsible for Mines to anyone other than large-scale mining companies are no longer valid.
“The general public is respectfully informed, that pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid.
“The GoldBod is currently, the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector. As such, no person other than the Ghana Gold Board (GoldBod), is permitted to export ASM gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator or service provider of the GoldBod, is permitted to purchase or deal in gold in the country,” the release stated.
In about a week, Ghana’s official gold reserves continued their steady upward trajectory, reaching 31.37 tonnes by the end of April 2025, according to data from the Bank of Ghana.
This marks a substantial increase from 8.78 tonnes recorded in May 2023—nearly a fourfold rise in less than two years. The growth reflects the central bank’s ongoing strategy to bolster foreign reserves and enhance financial stability through increased gold accumulation.
The rise in reserves is part of a broader plan by the Bank of Ghana to diversify its asset holdings and reduce reliance on traditional foreign currencies.
As Africa’s top gold producer, Ghana has taken steps to formalise its small-scale mining sector and channel more of its gold output into national development.
To support this effort, President John Dramani Mahama, upon assuming office, established the GoldBod—a regulatory body tasked with overseeing the sale of gold produced by small-scale miners.
Since its creation, GoldBod has played a pivotal role in boosting local gold reserves. Notably, it negotiated a landmark agreement with nine large-scale mining firms to sell 20% of their gold output to the domestic market.
This breakthrough agreement followed extensive talks with mining companies not previously involved in the Bank of Ghana’s Domestic Gold Purchase Programme. The companies include:
- Golden Team Mining Company Limited
- Akroma Gold Limited
- Adamus Resources Limited
- Cardinal Namdini Mining Limited
- Goldstone Akrokeri Limited
- Earl International Group (GH) Limited
- Xtra Gold Mining Limited
- Prestea Sankofa Gold Limited
- Gan He Mining Resource Development Limited
The deal represents a significant step toward strengthening Ghana’s domestic gold reserves and insulating the economy from external shocks.
In another development, Mahama has reassured that the setting up of GoldBod and the passage of its establishing act will ensure that Ghana’s mining sector is streamlined.
It will also enable the country to derive more value for money from gold exports, he said.
In a video time-lining the beginnings of the setting up of the GoldBod, to the final signing of the presidential assent to back the act passed on Friday, March 28 by Parliament, President Mahama declared; “This is the GoldBod Act. This sets up the GoldBod that will streamline Ghana’s gold sector, including our exports, to make sure that Ghana earns more value for money from our gold mining exports.”
The video begins with the transitioning of the national assayer, the Precious Minerals Marketing Company, into the Ghana Gold Board or GoldBod, and details major events, including the inauguration of the technical committee that worked to establish the GoldBod, stakeholder engagements, as well as parliament’s reading and passage of the GoldBod bill.
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