Sammy Gyamfi: GoldBod Is Mahama’s Economic Recovery Plan

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has underscored the pivotal role of the newly established board in the government’s broader strategy to revitalise the Ghanaian economy.

Speaking at the Mining in Motion Summit on Monday, 9th June, Mr Gyamfi described the GoldBod as an integral part of President John Dramani Mahama’s economic recovery agenda, particularly in light of recent economic setbacks.

“The president made it clear right from the outset that the GoldBod was central to his economic revitalisation agenda,” Mr Gyamfi stated.

He explained that with Ghana’s conventional sources of foreign exchange dwindling, it became essential to identify innovative local mechanisms to bolster the economy.

“We had to think outside the box and work with the central bank to explore local opportunities, and one of that is the Gold for forex programme of the Bank of Ghana,” he added.

According to him, the GoldBod will focus on increasing gold purchases and legal exports as a way of boosting foreign reserves, seen as critical to stabilising the cedi and strengthening the economy.

Mr Gyamfi further noted that the establishment of GoldBod was not a unilateral government decision, but rather the outcome of broad consultations.

“We didn’t sleep; we worked with various stakeholders to develop what some have said is one of the best laws we have as a country—the GoldBod Act 2025 (Act 11),” he stated.

He emphasised that the process involved collaboration with civil society organisations, traditional authorities (nananom), small-scale miners, traders, and the media.

Stakeholder Support

He further affirmed that the creation of the Board has received overwhelming backing from stakeholders and civil society groups, who recognised it as a vital intervention to curb gold smuggling and bring order to Ghana’s gold trade.

He said the previous system was disorganised and lacked regulatory coherence, leading to significant revenue losses for the country.

According to Mr Gyamfi, the former structure, which saw several state agencies involved in gold purchasing without clear coordination, created loopholes that were exploited by smugglers.

“All the patriotic Ghanaians we engaged and the various civil society organisations saw GoldBod as an imperative—an urgent imperative—to stop this mess,” he stated.

He noted that GoldBod now functions as the central authority responsible for regulating the trade, issuing licences to all players and enforcing a unified code of conduct.

“We now have a central agency streamlining and structuring gold trading, licensing all players involved in the trade and ensuring that everybody adheres to one common code of conduct,” Mr Gyamfi explained.

The CEO added that the new framework not only ensures legal and responsible sourcing but also helps the country retain vital foreign exchange earnings and revenue from its gold exports.

“This ensures that we are able to get the forex associated with the gold we buy and the revenue that we desperately need for the development of the country,” he remarked.

GoldBod was established under the GoldBod Act, 2025 (Act 1140), as part of the government’s economic recovery strategy.

Its core mandate is to oversee gold purchasing, regulate exports, and enforce transparency across the gold trade—measures expected to boost foreign reserves and close avenues for illicit trade.