IN A LANDMARK address at the Mining in Motion Summit held at the prestigious Kempinski Hotel in Accra, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Lawyer Sammy Gyamfi, unveiled an ambitious blueprint to reposition Ghana’s gold industry as a powerhouse of sustainable development, foreign exchange generation and value addition.
Speaking before a distinguished audience including His Royal Majesty Otumfuo Osei Tutu II, Minister for Lands and Natural Resources Hon. Emmanuel Armah-Kofi Buah, several Ministers of State, Members of Parliament, representatives of the diplomatic corps, government agencies, civil society organisations and industry leaders, the CEO emphasized Ghana’s renewed commitment to fully harnessing its rich gold reserves.
“Akwaaba!” the CEO greeted foreign guests, commending His Royal Majesty for the visionary leadership that made the summit possible and recognizing the hard work of Nana Kwaku Duah and the Ashanti Green Initiative for executing the vision.
Sammy Gyamfi spotlighted Ghana’s status as Africa’s largest gold producer but lamented the country’s past inability to maximize benefits from this resource, describing the disconnect as akin to “a butcher starved of protein.”
A major hindrance had been the fragmented and poorly-regulated gold trading sector, which fueled smuggling and cost the nation billions in lost foreign exchange.
Thanks to the foresight of President John Dramani Mahama, the establishment of GoldBod has changed the landscape. Described as a central regulatory agency built on stakeholder consensus, GoldBod is now the sole legal buyer and exporter of artisanal small-scale (ASM) gold, with rights to purchase from large-scale producers under government preemption.
Since assuming control over the former Precious Minerals Marketing Company (PMMC), GoldBod has made major strides. Key achievements include:
● Over 90% mop-up rate of ASM gold
● 40 billion cedis ($4 billion USD) in gold purchases and exports from February to May 2025
● A record 11 tonnes of ASM gold exported in May alone, valued at $1.172 billion USD
These figures mark the first time ASM gold exports have surpassed large-scale exports, contributing to enhanced forex liquidity, a strengthened cedi, and improved national reserves.
The CEO emphasized that artisanal miners, when properly supported, are “allies of development” and outlined GoldBod’s commitment to responsible sourcing. This includes:
● A licensing regime covering aggregation, buying, smelting, refining, transport, and export
●Strict compliance with Anti-Money Laundering and Counter-Terrorism Financing protocols, in partnership with the Bank of Ghana and the Financial Intelligence Centre
● Exclusion of foreigners from direct local purchases, but with avenues for partnerships, off-take arrangements, and investments in refineries and value-added enterprises
Looking ahead, the CEO announced:
● Launch of a digital traceability system by end of 2025
● Environmentally-friendly mining training for ASM miners beginning September 2025
● Investments in cooperative mining and geological data to end “lottery mining”
● Use of trading surplus for land reclamation, education, healthcare, and community development
● Importantly, the GoldBod is also preparing to launch a national anti-gold smuggling taskforce in conjunction with the National Security Secretariat, with a firm stance against illegal traders.
On value addition, the Sammy Gyamfi affirmed plans to transition from dore gold exports to bullion, working closely with local refineries and pushing for LBMA accreditation.
GoldBod also backs President Mahama’s “Gold Village” concept—envisioned as Africa’s central hub for jewelry and gold ornaments.
Work has also commenced on an international-standard assay lab, scheduled for 2026, to enhance transparency and ensure globally accepted purity and valuation standards.
In conclusion, the CEO extended an open invitation to the World Gold Council, OECD, LBMA, and global investors to partner with Ghana in championing sustainable mining, responsible sourcing, and value addition.
“Ghana is ready! GoldBod is prepared!! Let us transform mining into a blessing for our people and our environment,” he declared.
Source: Nationaltymes.com
