The government’s replacement of the Precious Minerals Marketing Company (PMMC) with the newly established Gold Board (GoldBod) marks a bold attempt by President John Dramani Mahama’s administration to clamp down on illegal mining, commonly known as galamsey.
The decision, according to Dr. Rashid Tanko, CEO of the Ghana Investment Fund for Electronic Communications (GIFEC), signals a total reset of the gold trading industry, severing the link between illegal miners and licensed gold buyers.
“Now PMMC is no longer existing, it’s gone. The Goldbod has taken over and it replaces the PMMC”
Dr. Rashid Tanko, CEO of GIFEC
Dr. Tanko described the transformation as a strategic step to sanitize Ghana’s gold market and cripple the incentives that have long fueled galamsey. He praised the President’s mandate and the roles played by Sammy Gyamfi and the Finance Ministry in operationalizing the GoldBod.
According to Dr. Tanko, the unregulated nature of gold trading in the past allowed anyone, regardless of “legal concession,” to engage in gold sales, making the fight against galamsey nearly impossible.
“You see this galamsey business problem that we are having, it’s because of the erratic nature of the trading of gold in Ghana. Fighting it was like trying to pass a needle through the eye of a camel; that was the difficulty”
Dr. Rashid Tanko, CEO of GIFEC
With the PMMC dissolved, all previously issued licenses have been nullified, “they don’t exist.”
“You have to go and renew and that’s where you’ll see,” he said, explaining that every entity involved in gold trading must now register afresh under the GoldBod regime.
This, Dr. Tanko argued, is a deliberate mechanism to trace the source of gold purchases and identify dealers supporting the illegal trade.
Dr. Tanko believes the reform will “choke off demand from illegal sources,” effectively making it unsustainable for galamsey operators to remain in business.
“The galamseyer will also have no one to sell to. It will become difficult for them to continue their trade”
Dr. Rashid Tanko, CEO of GIFEC
Targeting the System
Dr. Tanko did not mince words in blaming the previous New Patriotic Party (NPP) administration for emboldening galamsey operations. In his view, the party went beyond tolerating the activity and actively integrated it into their political and economic system.
“The NPP didn’t just allow galamsey – they regularized it. Even some regional executives were involved. They even regularized galamsey to the extent that the national chairman, regional chairman, ministers were doing it”
Dr. Rashid Tanko, CEO of GIFEC
In an emotional rebuke, he referenced former President Nana Akufo-Addo’s public defense of Akonta Mining as emblematic of the normalization of illegal practices.
Dr. Tanko expressed outrage at the imagery of known illegal mining operatives flaunting their wealth on television without fear of consequences.
“Imagine a president would just come and be defending an illegality and emboldening the person and then the person will come and sit on TV, before cameras and be showing gold, telling Ghanaians, ‘this is pure money, look at it.’ What was he telling Ghanaians?”
Dr. Rashid Tanko, CEO of GIFEC
Gold Scandals
He also responded to reports surrounding large quantities of questionable gold that Richard Jakpa and the national security intercepted. Contrary to claims that the bars were fake, Dr. Tanko insisted there was more to the story.
“Some are fake. Some are not fake. They add them together, these crooks, they know how to do this business”
Dr. Rashid Tanko, CEO of GIFEC
He commended Jakpa’s team for their vigilance and service to the nation. “Thank you very much Jakpa and his group, they are doing a fantastic job for Ghana,” he added.
Ultimately, Dr. Tanko sees the Gold Board as a pathway toward restoring integrity to Ghana’s mineral economy. He called the reforms a long-overdue shift that places Ghana’s interests above criminal profiteering.
He emphasized that the new structure under President Mahama’s leadership aims to remove the erratic practices of old and ensure that the nation benefits from its natural wealth.
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