GoldBod Effort In Strengthening Cedi Highly Commendable – Importers and Exporters Association

The Importers and Exporters Association of Ghana has urged the Ghana Gold Board (Goldbod) to remain steadfast in its efforts to ensure the continued appreciation of the Ghanaian cedi against the US dollar and other major international currencies.

This call was made during a courtesy visit to the Chief Executive Officer of Goldbod, Sammy Gyamfi, to formally congratulate him on his recent appointment.

Speaking on behalf of the association, Executive Secretary Samson Asaki Awingobit commended Mr. Gyamfi, describing his appointment as a testament to his expertise, leadership qualities, and track record in the sector.

He expressed optimism that under Mr. Gyamfi’s leadership, Goldbod will witness significant progress and play an even more impactful role in stabilizing the country’s currency through gold-related initiatives.

In response, Mr. Gyamfi expressed appreciation for the association’s visit and support.

He reaffirmed Goldbod’s commitment to implementing robust strategies aimed at supporting the local currency.

According to him, the continued operations and interventions by Goldbod, particularly will contribute significantly to sustaining the cedi’s appreciation and strengthening Ghana’s macroeconomic stability.

$12 Billion a Year From Small-Scale Gold Mining

Meanwhile, Ghana expects to rake in $12 billion a year from small-scale gold production if output doubles as planned.

Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production.

The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.

“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about $6 billion by the end of this year, but we are confident that we will reach the $12 billion in annual inflows from next year.”

Africa’s top gold producer, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near $3,300 an ounce after reaching successive records during the past year.

Ghana’s exports rose more than 50% to $11.6 billion last year as small-scale mining underpinned an increase in output. The small-scale mining sector, which typically accounts for a third of annual output, increased its contribution to more than 40% last year, Gyamafi said, citing initial estimates.

Total production rose to 151 tons in 2024, with 66 tons coming from the small-scale segment, which has also driven a growth in black-market trading, he said.

The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.

About GoldBod

The Ghana Gold Board (GoldBod) is a body corporate established by an Act of Parliament (ACT 1140) in the year 2025 to oversee, regulate and undertake the buying, selling, assaying, refining, exporting and other related activities in respect of Gold and other Precious Minerals in Ghana.

The GoldBod per section 78 of ACT 1140, took over the rights, obligations, assets, liabilities and workforce of the Precious Minerals Marketing Company (PMMC) Limited, which is an offshoot of the Ghana Diamond Marketing Board.

In 1963, the Ghana Diamond Marketing Board was established and charged with the responsibility of purchasing and marketing Ghana’s diamonds.

In 1965, by a Legislative Instrument (LI) 401, the Ghana Diamond Marketing Board was incorporated as a State-Owned Enterprise (SOE).

Upon the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation.

In 1989, PNDC Law 219 was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with enhanced functions to grade, assay, value gold, diamonds and other precious minerals of the country.

In the year 2000, the Corporation was converted by the Statutory Corporations Conversion to Companies Act (ACT 461) to a Limited Liability Company to operate under the Ghana Companies Code Act, (ACT 179) 1963, as Precious Minerals Marketing Company (PMMC) Limited with the same functions.

In the year 2016, the PMMC was appointed the national assayer by the government of Ghana.

To strengthen industry regulation and optimize national benefits, the Ghana GoldBod was established on 2 April, 2025 by the government of Ghana to restructure and streamline the precious mineral trading sector of Ghana.

The GoldBod initiative is a product of extensive stakeholder consultations and aims at maximizing foreign exchange inflows, gold reserve accumulation and value addition for sustainable growth and transformation.