The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has clarified misconceptions surrounding the Ghana Gold Board (GoldBod), reiterating that the entity is a state monopoly in the trading and export of gold.
The clarification comes on the heels of the passage of the GoldBod Bill by Parliament on March 28, 2025.
In a statement, Mr. Gyamfi emphasized that GoldBod’s regulatory powers are focused solely on its licensed agents, eliminating concerns of conflict of interest.
He explained that GoldBod’s regulatory function ensures compliance with its Act and regulations by licensed service providers trading on behalf of the organization.
Mr. Gyamfi’s clarification aims to dispel concerns that GoldBod’s dual role as regulator and commercial player would create an unfair advantage.
Instead, he emphasized that GoldBod’s primary objective is to realize the benefits of Ghana’s gold resources while ensuring licensed agents operate within established guidelines.
The clarification provides much-needed insight into GoldBod’s role and responsibilities as it begins operations.
Below is the full statement:
CLEARING THE MISCONCEPTIONS ABOUT THE GOLDBOD (PART 1)
CLAIM 1: THE GOLDBOD IS A REGULATOR AND A COMMERCIAL PLAYER AT THE SAME TIME. HENCE, THERE WILL BE CONFLICT OF INTEREST IN ITS OPERATIONS.
RESPONSE: FALSE
The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some.
The Goldbod is simply a monopoly in the trading and export of gold.
The regulating function of the Goldbod relates only to its own licensed agents and not competitors.
The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod for the realization of the objects of the Goldbod.
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.
Sammy Gyamfi ( Esq)
Ag MD , PMMC