Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC) has refuted claims that the legislative process was rushed and lacked adequate consultation.
Sammy Gyamfi clarified that the process of drafting and passing the GoldBod Bill was neither rushed nor done in secrecy. He explained that after his appointment on January 16, 2025, he immediately engaged key stakeholders, including the Ghana National Association of Small-Scale Miners and the Chamber of Bullion Traders, Ghana.
“It became clear from these engagements that a broad consultative approach was an imperative in creating a legal and operational framework for the GoldBod that is fit for purpose.”
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC)
Sammy Gyamfi asserted that the bill underwent extensive stakeholder engagement and thorough parliamentary scrutiny before its approval.
A Technical Committee, comprising key stakeholders such as the Ghana National Association of Small-Scale Miners, Chamber of Bullion Traders, Ghana, Bank of Ghana, Minerals Commission, and Minerals Income Investment Fund, was set up to spearhead the drafting of the bill.
According to Sammy Gyamfi, this committee not only held internal meetings but also engaged experts from the Finance Ministry and the Ministry of Lands and Natural Resources to refine the bill’s objectives and functions.
The committee further conducted a series of consultations with gold industry stakeholders, including small-scale miners, gold dealers, bullion traders, and civil society organizations (CSOs) in the extractive sector.
“At all these meetings, participants were taken through the policy concept paper and draft legislative instructions for the establishment of GoldBod, and their inputs sought.”
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC)
Regional and Parliamentary Scrutiny
To ensure inclusivity, the consultations extended beyond Accra to regional levels, with engagements in Akyem Tafo, Kumasi, and Tarkwa, where local chiefs, gold dealers, and miners were involved in discussions.
Once stakeholder feedback was incorporated, the legislative instructions and policy concept paper were submitted to the Minister for Finance, who then forwarded them to the Attorney-General’s office for drafting.
Notably, legal drafters from the Attorney-General’s office had been involved in the engagement process from the beginning, further ensuring that the bill was crafted with due diligence.
In Parliament, the bill faced rigorous examination. When first laid before the Joint Committee of Finance and Lands and Natural Resources, the NPP minority requested an adjournment to study the document thoroughly, a request that was granted.
Subsequent deliberations led to several amendments to strengthen the bill. “The meeting that started at 10 a.m. closed around 4 p.m., demonstrating the level of scrutiny it received,” Gyamfi noted.
Even after this session, another meeting was scheduled at the request of the NPP minority for additional amendments, which were considered in a bipartisan manner.
“Throughout this process, the NPP side, led by Hon. Mohammed Amin Adam, made it clear that they supported the establishment of GoldBod in principle, but were only interested in amending the bill to ensure that it is fit for purpose.”
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC)
To address concerns raised during the committee sittings, the Finance Minister withdrew the initial bill, made amendments, and reintroduced it in Parliament. However, when it was time for the second reading, the NPP introduced over fifty new amendments.
In response, the Winnowing Committee was formed to refine the bill before its final reading. This session lasted over four hours, during which more than 70 amendments were either accepted or abandoned after rigorous debate.
Sammy Gyamfi remarked, “The constructive process considerably improved the GoldBod Bill into what it is today,” adding that NPP Minority Leader, Alexander Afenyo-Markin, played a key role in shaping the final bill.
A Political Stunt or a Genuine Concern?
Despite the bill’s passage through extensive consultations and parliamentary scrutiny, the NPP staged a walkout, later arguing that the bill had been rushed.
Sammy Gyamfi dismissed these claims, describing the move as a “misguided partisan political stunt aimed at pleasing party foot soldiers.”
“For the records, Clauses 1-15 of the Bill were considered and approved by the house when the NPP Minority was present, without any substantial disagreements whatsoever.”
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC)
Furthermore, he revealed that the same NPP MPs who later criticized the bill had initially proposed key amendments, which were incorporated into the final document.
The passage of the GoldBod Bill signifies a transformative shift in Ghana’s gold trading landscape. By formalizing structures and strengthening regulations, the government aims to curb illicit gold trade, increase revenue generation, and improve transparency in the sector.
Stakeholders in the mining sector, particularly small-scale miners and gold dealers, are expected to benefit from a more structured and predictable market environment. However, the challenge will lie in implementation, ensuring that the GoldBod operates with efficiency and integrity.
While opposition voices argue that the bill was rushed, the comprehensive account provided by Gyamfi suggests otherwise. If successfully executed, the GoldBod initiative could play a crucial role in optimizing Ghana’s mineral wealth for national development.
READ ALSO: Europe Urged To Pursue Economic Independence As More Trump Tariffs Loom
