The Managing Director of the Precious Minerals Marketing Company (PMMC), Lawyer Sammy Gyamfi, has announced that the newly established Goldbod will operate with the same structure and functions as the Ghana Cocoa Board (Cocobod), focusing exclusively on the buying and selling of gold.
Lawyer Gyamfi outlined Goldbod’s mandate, stressing its role in streamlining gold trading, enhancing government revenue, and ensuring transparency in the sector.
According to Gyamfi, Goldbod is designed to regulate and coordinate gold purchasing activities across the country, much like Cocobod does for cocoa.
The Managing Director reveals that the aim is to reduce smuggling, stabilize pricing, and maximize Ghana’s benefits from its mineral wealth.
“The establishment of Goldbod is a strategic move to ensure that Ghana, as one of the leading gold-producing countries, fully harnesses the economic value of its resources,” he stated. “It will serve as the central institution for the buying, selling, and export of gold, ensuring efficiency and accountability.”
Gold remains one of Ghana’s top export commodities, but illegal mining and smuggling have led to significant revenue losses.
Mr. Sammy Gyamfi emphasized that Goldbod will introduce structured buying and selling mechanisms, ensuring that more gold transactions fall within formal regulatory frameworks.
“We have seen how Cocobod has played a pivotal role in stabilizing Ghana’s cocoa sector. Goldbod will operate in a similar manner, providing structured pricing, reducing illegal trade, and ensuring that Ghana benefits more from its gold resources,” he noted.
The launch of Goldbod marks a major shift in Ghana’s approach to mineral resource management. The government, in collaboration with PMMC, is expected to roll out policies and operational guidelines in the coming months to ensure the initiative’s success.
Industry players, including licensed gold buyers, miners, and exporters, are being urged to collaborate with Goldbod to create a transparent and profitable gold trading system.
Ghana to strengthens its gold governance framework as Goldbod is set to play a key role in boosting state revenue, eliminating illicit gold trade, and positioning Ghana as a leader in responsible gold trading on the global stage.
Story by Freedom Lavoe.
