Goldbod managing gold trade very effectively- Sammy Gyamfi

The Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has highlighted the effective management of the country's gold trade despite its inherent volatility. Speaking on JoyNews, Mr Gyamfi emphasized that gold trading is one of the most challenging activities due to the commodity's frequent value fluctuations. Despite these challenges, he stated that GoldBod has a robust team working around the clock to manage its trading operations, with finance directorate support.

Additionally, GoldBod has received strong backing from the Ministry responsible for the sector, which has contributed to its efficient management of the trade. The Board has already purchased over 69 tonnes of gold, valued at approximately US$9.4 billion, for the year. The inflows from these purchases are currently estimated to be between US$5.5 billion and US$5.6 billion, although GoldBod is still hedging a significant portion of its stocks.

Mr Gyamfi anticipates that the Board will complete its hedging process by the end of the financial year, allowing the proceeds to bolster Ghana's reserves, stabilize the foreign exchange market, and generate substantial profits from its activities.