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

The Ghana Gold Board (GoldBod) is taking steps to enhance transparency and accountability within the country's gold sector by profiling licensed buyers. CEO Sammy Gyamfi announced this initiative, stating that it will aid in tracking the source of gold purchased by licensed entities and provide a clearer picture of gold flows across Ghana.

This profiling is part of broader efforts to strengthen oversight of the industry and ensure that gold traded formally can be properly accounted for. Additionally, GoldBod has seen an increase in local refining of gold, with 7.1 metric tonnes currently being refined in Ghana. This development allows the country to retain refining fees that would otherwise go to other nations, such as the United Arab Emirates.

Furthermore, Ghana's expanding refining capacity positions it to play a more significant role in the international gold market, as evidenced by the LBMA accreditation secured by Gold Coast Refinery.

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.