Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has stated that the newly established Ghana Gold Board (GoldBod) will revolutionize the country's gold industry.

Speaking to the media on Thursday, March 20, about Ghana’s gold sector and the impact of illegal mining, he emphasized that once GoldBod begins operations, no foreigner will be allowed to purchase gold directly from miners.

Instead, all gold transactions will be centralized through GoldBod, following a structure similar to Ghana’s Cocoa Board.

"And let me sound this caution: No foreigner, and I repeat, no foreigner—be it an Indian or Chinese—will have the right to go and buy gold from a miner once GoldBod commences business. No way. We are cancelling that regime. Ghanaians can buy gold for GoldBod, just like Ghanaians buy cocoa for the Cocoa Board. If you are a foreigner and you want gold from Ghana, we are happy to sell it to you—but at the level of GoldBod. Come to GoldBod," he warned.

The GoldBod, to be established by the government, will oversee and strengthen Ghana’s gold industry. Its primary goal is to ensure efficient and sustainable management of the sector, driving economic growth while positioning Ghana’s gold competitively on the global market.

Mr. Gyamfi noted that as of 2022, gold exports were primarily handled by bullion traders who held export licenses from the Ministry of Lands and Natural Resources, based on recommendations from the Minerals Commission. There were 61 such licensed traders, the majority of whom were foreigners, mainly Indians and Chinese. As a result, Ghanaian traders, who were in the minority, struggled to compete due to limited financial resources compared to their foreign counterparts.

The initiative to restrict gold purchases to Ghanaians aims to curb illegal mining and smuggling, empower local businesses, and retain more foreign exchange within the country. It seeks to replicate the success of the cocoa sector by ensuring that gold trade benefits Ghanaians directly.

The establishment of GoldBod is expected to bring transparency and accountability to the gold industry, addressing issues such as tax evasion and underreporting of gold production.

Mr. Gyamfi also revealed that Ghana loses between 70% and 80% of the gold produced by small-scale mining companies to smuggling.

Meanwhile, Finance and Economic Policy Analyst Senyo Hosi has expressed confidence in the potential success of GoldBod, emphasizing that its effectiveness will depend on sound governance and operational structures.

He stressed that the board’s success hinges on a regulatory framework that aligns with industry standards while ensuring market adaptability. He further highlighted that maintaining commercial viability will be crucial, particularly in a market where gold transactions typically involve discounts ranging from 5% to 15% based on pre-financing terms.

Hosi suggested that if GoldBod integrates these market conditions and offsets the 1.5% gold export tax, it could avoid becoming a government monopoly and instead serve as a strategic commercial partner for small-scale miners and aggregators.