Managing Director of Precious Mineral Marketing Company (PMMC), Sammy Gyamfi, has emphasized the urgent need for a structured and regulated gold export system in Ghana.
Speaking on the newly proposed GoldBod initiative, he explained that the current unregulated system has led to significant forex losses, contributing to the depreciation of the Ghanaian cedi.
According to Gyamfi, over 70 gold exporters licensed by the Ministry of Lands and Natural Resources currently operate in the market.
However, these exporters struggle to compete with major buyers such as PMMC and the Bank of Ghana.
This situation forces many of them—especially foreign buyers—to either shut down or resort to gold smuggling, which deprives the country of much-needed forex inflows.
“When they smuggle, the state is denied forex. That is why we see the cedi depreciating at an alarming rate. Today, the Bank of Ghana rate is GHS15.5, but on the black market, you need about GHS16 to GHS16.1 to get a dollar. This happens because businesses cannot access the foreign exchange they need to import goods. And since 90% of the items on the market are imported, the shortage of dollars keeps pushing prices up, making life difficult for Ghanaians,” Gyamfi explained.
Sammy Gyamfi linked this currency depreciation to the high cost of living and echoed former President John Mahama’s call for a policy that stabilizes the cedi.
“If we want to bring down the cost of living, we need to address the exchange rate. A stable cedi requires strong forex inflows. And we already have gold—so why allow just anyone to buy and smuggle it?” he questioned.
Under the proposed GoldBod system, a single, well-resourced entity would handle all gold exports.
Licensed agents would purchase gold for this entity, ensuring that all transactions remain within a controlled framework.
“With GoldBod as the sole exporter, all the forex earnings from gold sales will return to Ghana, strengthening the cedi and stabilizing the economy,” he added.
Managing Director of Precious Mineral Marketing Company (PMMC), Sammy Gyamfi argued that the implementation of GoldBod, would curb smuggling, enhance forex reserves, and ultimately reduce the financial burden on Ghanaians.
Story by Freedom Lavoe.
