Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has reaffirmed that Ghana’s proposed Gold Board will oversee both the purchase and export of gold from the small-scale mining sector.

Speaking on JoyFM’s Super Morning Show on Thursday, Mr. Gyamfi emphasized that all transactions involving gold from small-scale miners would be centralized under the Gold Board, ensuring better regulation of exports and foreign exchange inflows.

According to him, licensed buyers and aggregators will still operate, but only as intermediaries acting on behalf of the Gold Board. They will not have the authority to export gold directly.

"The Gold Board will be the central agency that handles the purchase and export of gold," Mr. Gyamfi stated. "Licensed buyers and aggregators can apply to buy gold on behalf of the Gold Board, but they will not have the ability to export the gold themselves."

He further explained that the Gold Board would provide financial support to these agents, enabling them to purchase gold from local miners. However, the Board will retain full control over exports to ensure accountability.

"These agents can buy gold for the Gold Board, but the actual export will be handled by the Gold Board itself. This ensures that the gold is exported in a controlled manner, and we can effectively track the foreign exchange," he added.

Addressing concerns about foreign transactions, Mr. Gyamfi clarified that agents with international buyers in markets like India, Dubai, or Europe would have to process payments through the Gold Board.

"If an agent has an off-taker in an international market such as India, Dubai, or Europe, the agent can channel the payment through the Gold Board. The Board will convert the payment into cedi equivalent and allow the agent to purchase the gold. The Gold Board will then take responsibility for exporting the gold to the off-taker. This system will help us monitor foreign exchange flows more effectively," he explained.

He concluded by stating that centralizing gold exports through the Gold Board would address long-standing issues regarding foreign exchange retention and repatriation.

"There have been previous concerns with the retention and repatriation of foreign exchange, and centralizing the export process through the Gold Board will help address these issues," he said.

The Gold Board initiative is expected to strengthen oversight in Ghana’s gold trade while ensuring greater transparency in export processes.