Goldbod not a regulator and commercial player at the same time — Sammy Gyamfi

Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has dismissed claims that the Ghana Gold Board (Goldbod) will serve as both a regulator and a commercial player.

As part of his role in overseeing the board’s establishment, Gyamfi clarified that Goldbod’s regulatory powers apply only to its licensed agents and not to competitors.

In a social media post on Sunday, March 30, the NDC National Communications Director stated: “The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some.

He further explained, “The Goldbod is simply a monopoly in the trading and export of gold.

The regulating function of the Goldbod relates only to its own licensed agents and not competitors.

“The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod to achieve its objectives.

“For emphasis, the Goldbod will not be regulating competitors but rather its own licensed agents. Thus, the issue of conflict of interest does not arise at all.”

Meanwhile, Parliament on Friday, March 28, passed the Gold Board Bill, 2025, establishing the Gold Board to regulate the gold industry, enhance transparency and traceability, and boost foreign exchange earnings.