GoldBod profiling licensed buyers to track source of gold — Sammy Gyamfi

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has revealed that the organization is working on identifying the source of gold purchased by licensed buyers in Ghana. This initiative aims to enhance traceability and accountability within the country's gold sector. According to Gyamfi, the profiling effort is enabling GoldBod to trace the origins of gold transactions and gain a better understanding of gold flow dynamics across the nation.

This development is part of GoldBod's broader strategy to bolster regulatory oversight of the industry and ensure that gold traded through official channels can be accurately accounted for.

In recent times, the gold value chain in Ghana has witnessed several significant changes. For instance, there has been a surge in local refining of gold acquired by GoldBod. Currently, 7.1 metric tonnes of gold purchased by the Board are undergoing refining processes within Ghana. This local refining activity allows the country to retain valuable refining fees that would otherwise be directed to countries like the United Arab Emirates.

Moreover, Ghana's expanding refining capacity has positioned the nation to play a more substantial role in the international gold market. This is evidenced by the recent accreditation achieved by Gold Coast Refinery by the London Bullion Market Association (LBMA).

During a Twitter Spaces discussion held on Sunday, August 9, Gyamfi elaborated on the importance of profiling licensed buyers. He emphasized that this exercise is helping GoldBod gain insights into the origin of gold entering the formal market. "We are profiling all persons with a license to buy gold in Ghana, and it is helping us know where all the gold buys are coming from," Gyamfi stated.