The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has dismissed claims that the Ghana Gold Board’s (GoldBod) monopoly in the trading and export of gold would constitute conflict of interest.
His comments come on the back of concerns raised by a section of the public that the Board’s dual role of trading and regulating the industry at the same time will amount to conflict of interest.
But according to Mr. Gyamfi, the GoldBod is responsible for trading and exporting gold and neither a regulator nor competitor in the gold trade.
In a post on his X Sunday, March 20, 2025, he said the GoldBod regulatory functions is limited to its licensed agents.
“The GoldBod is simply a monopoly in the trading and export of gold… The regulatory function of the GoldBod relates only to its own licensed agents and not to competitors.
“For emphasis, the GoldBod will not be regulating competitors but rather its own licensed agents. Thus, the issue of conflict of interest does not arise at all,” he emphasised.
He also explained that Clause 68(1) of the GoldBod Bill, recently passed by Parliament criminalises gold hoarding, settling the issue of potential pilling of the mineral to hike prices.
He clarified that this provision is aimed at preventing licensed agents from stockpiling gold to manipulate prices, create artificial scarcity, or engage in unfair competition.
His comments come after the passage of the Ghana Gold Board Bill 2025 into law on Friday, March 28, 2025. The newly established Ghana Gold Board (GoldBod) has been tasked with overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.
Under this law, GoldBod has been designated as the sole exporter of gold from Ghana’s small-scale mining sector, effectively barring licensed traders and bullion dealers from making direct gold exports.
The establishment of GoldBod is part of President John Dramani Mahama’s economic revitalization efforts and operates under the supervision of the Ministry of Finance.
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