GoldBod profiling licensed buyers to track source of gold — Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the Board is profiling all individuals and entities licensed to buy gold in Ghana to improve traceability and accountability within the country’s gold sector.
Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), announced that the organization is currently profiling all licensed buyers of gold in Ghana to enhance traceability and accountability in the sector. This initiative aims to help GoldBod understand the origins of the gold purchased and obtain a clearer picture of gold flows across the country.
Mr. Gyamfi explained that this move is part of broader efforts to strengthen oversight of the gold industry and ensure proper accounting of gold traded through the formal system. He also noted recent changes in Ghana's gold value chain, including the local refining of gold purchased by GoldBod. Currently, 7.1 metric tonnes of the gold bought by the Board are being refined in Ghana, allowing the nation to retain refining fees that would otherwise go to countries like the United Arab Emirates.
Ghana's expanding refining capacity is positioning the country to play a more significant role in the international gold market. Recently, Gold Coast Refinery secured accreditation from the London Bullion Market Association (LBMA), which is a significant development for the sector. On a recent Twitter Spaces discussion on August 9, Mr. Gyamfi highlighted that profiling licensed buyers helps the Board establish the sources of gold entering the formal market, thereby improving transparency and accountability in the industry.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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