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.
Ghana Gold Board CEO Sammy Gyamfi has criticized the gold-buying regime under the previous New Patriotic Party (NPP) administration, stating that companies involved in purchasing gold operated without formal contracts with the state. This lack of contracts, according to Gyamfi, allowed gold-buying companies to adjust exchange rates to cover their operational costs, which created weaknesses in the system.
These shortcomings made it difficult for the state to monitor transactions and accurately account for the value of gold being purchased. In response, reforms being implemented under President John Mahama through GoldBod aim to introduce greater structure, transparency, and accountability into Ghana’s gold trading sector. These measures include profiling licensed gold-buying companies to establish the sources of gold purchased and improve traceability within the sector, with the goal of enhancing oversight of the gold supply chain and ensuring that Ghana derives greater economic benefits from its mineral resources.
Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.
