Gold-buying companies under NPP operated without contracts – Sammy Gyamfi

Sammy Gyamfi, the CEO of the Ghana Gold Board (GoldBod), has criticized the gold-buying regime under the previous New Patriotic Party (NPP) government. According to Gyamfi, many gold-buying companies did not have formal contracts with the state and adjusted exchange rates to cover their operational costs. This arrangement made it challenging for the government to oversee transactions and accurately account for the value of gold purchased.

During a recent discussion on X Spaces, Gyamfi highlighted the need for reforms to introduce structure, transparency, and accountability into Ghana's gold trading sector. Under President John Mahama's administration through GoldBod, efforts are being made to profile licensed gold-buying companies, trace the sources of the gold they purchase, and enhance the sector’s traceability.

These measures aim to improve oversight of the gold supply chain and provide the state with a clearer understanding of industry transactions. Additionally, the new regime seeks to increase the amount of Ghanaian gold refined locally, enabling the country to retain more economic benefits from refining instead of losing that value overseas.

Gyamfi believes that these reforms will rectify the weaknesses of the previous gold-buying arrangement and ensure that Ghana maximizes the value derived from its mineral resources.