The Ghana Gold Board (GoldBod) has reaffirmed its commitment to dealing exclusively with legally sourced gold, distancing itself from the purchase of illegally mined minerals.
This assurance comes from the Chief Executive Officer of GoldBod, Sammy Gyamfi, in response to growing concerns about illegal mining and gold smuggling within the country.
Speaking at a recent Mining in Motion, Gyamfi made it clear that the organization operates strictly within the confines of Ghana’s mineral laws. “As an institution, GoldBod does not and will not engage in the purchase of gold from unlicensed sources.
Our operations are aligned with national regulations to ensure transparency and integrity in the gold trade,” he stated.
Sammy Gyamfi further explained that the government, through GoldBod, is implementing reforms to sanitize the small-scale mining sector.
The organization is expected to act as the sole legal buyer and exporter of gold produced by licensed small-scale miners, effectively blocking the entry of illicit gold into the formal market.
Data from the Precious Minerals Marketing Company (PMMC) suggests Ghana loses between 70% and 80% of gold produced by small-scale miners to smuggling each year.
GoldBod’s centralized purchasing system, backed by blockchain tracking, is aimed at reversing this trend by introducing a transparent and traceable supply chain.
The CEO also addressed concerns about the scope of GoldBod’s powers under a proposed bill in Parliament. He clarified that the law seeks to empower inspectors to arrest individuals involved in gold smuggling, acting with the authority of police officers. “This is not about giving excessive power; it’s about protecting our national resources,” Gyamfi said.
Ghana’s gold sector remains a crucial pillar of its economy, and the efforts by GoldBod mark a significant step towards tightening oversight and boosting revenue through lawful means.
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Sources: KingBygone.com
