We are managing GoldBod with modesty and prudence — Sammy Gyamfi

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%. This move, aimed at improving pricing and retaining more value from the country's gold resources, reflects the impact of recent reforms introduced by GoldBod.

Speaking on X Spaces on Sunday, August 9, Gyamfi highlighted these reforms as a key gain since the institution took on the task of domestic buying and selling of gold. He emphasized that the discount reduction, from the price at which gold is traded locally to market rates, allows producers and Ghana to safeguard the value generated from the mineral.

The emphasis is on proper pricing of domestically produced gold and retaining its value within the country. In addition to this pricing adjustment, GoldBod is implementing broader measures such as profiling licensed gold buyers for better traceability, tightening monitoring of trading activities, and increasing the local refining of Ghanaian gold.

These interventions are intended to minimize value losses along the gold trading chain and bolster Ghana's standing in the global gold market. Gyamfi concluded that these reforms will enable Ghana to reap greater economic benefits from its status as a leading gold producer, enhance foreign exchange inflows, and contribute to the nation's overall economic management.