Gold-buying companies under NPP operated without contracts – Sammy Gyamfi
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has criticised the gold trading regime under the previous New Patriotic Party (NPP) administration, alleging that some gold-buying companies operated without formal contracts and adjusted exchange rates to cover their costs.
Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), has criticized the gold-buying regime under the previous New Patriotic Party (NPP) government, alleging that certain companies involved in purchasing gold operated without formal contracts. According to him, this lack of contractual agreements also allowed these companies to manipulate exchange rates to cover their operational expenses, thereby creating loopholes within the system.
During a discussion on X Spaces on August 9, Mr Gyamfi highlighted the challenges this situation posed, making it difficult for the state to monitor transactions and accurately account for the value of gold being purchased. He emphasized that the reforms under President John Mahama, implemented through GoldBod, aim to introduce greater structure, transparency, and accountability into Ghana's gold trading sector.
As part of these efforts, GoldBod plans to profile licensed gold-buying companies to determine the origins of the gold they purchase and enhance traceability within the sector. Mr Gyamfi explained that these measures are designed to ensure a more robust oversight of the gold supply chain, providing the state with a clearer picture of transactions within the industry.
Additionally, the new regime seeks to boost the domestic refining of Ghanaian gold, enabling the nation to retain a larger share of the economic benefits associated with refining rather than losing that value to overseas markets. He affirmed that these reforms aim to rectify weaknesses in the previous gold-buying arrangement, ensuring that Ghana maximizes the value derived from its mineral resources.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
