GoldBod has cut gold price discount by over 10% – Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says reforms introduced by the institution have significantly reduced the discount applied to gold traded in Ghana, improving the value received by gold producers and sellers.
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has announced a significant reduction in the discount applied to gold traded in Ghana, cutting it by over 10 percent. This move, as per Gyamfi, is aimed at retaining more value from the country's gold resources. The reduction in the discount, he explained, is part of reforms introduced by GoldBod to address inefficiencies in the domestic gold market.
Speaking on X Spaces, Gyamfi highlighted the importance of pricing gold appropriately to ensure that locally produced gold is priced correctly and Ghana retains the value generated from it. The reforms, he said, are also part of a broader restructuring of the domestic gold trade, with the aim of creating a more organized, transparent, and efficient market.
Other measures being implemented include the profiling of licensed gold buyers to enhance traceability, tighter monitoring of gold trading activities, and efforts to increase the local refining of Ghanaian gold. These interventions, Gyamfi added, are designed to cut value losses along the gold trading chain and bolster Ghana's standing in the international gold market.
The CEO emphasized that the reforms would help the country derive more economic benefits from its status as a major gold producer, strengthen foreign exchange inflows, and support broader economic management.
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