At the official launch of a national task force to combat gold smuggling in Ghana, the Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq., reaffirmed the institution’s unwavering commitment to enforcing ethical and responsible gold trading practices across the country.
Speaking at a well-attended ceremony graced by President John Dramani Mahama, Lawyer Sammy Gyamfi emphasised that the taskforce would serve as a critical enforcement mechanism in the government’s broader strategy to restructure the nation’s gold trade for national benefit.
“We are gathered here today because of the vision of a leader who is determined to transform our nation by ensuring that as a country, we assume the commanding heights over the exploitation of our natural resources to maximise national benefits. That leader is none other than the father of our nation, His Excellency President John Dramani Mahama.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
Lawyer Sammy Gyamfi highlighted the strategic role the Ghana Goldbod now plays in regulating the gold sector, a function granted by Parliament under the recently enacted Goldbod Act.
According to him, the Goldbod now holds the exclusive right to purchase all gold produced by the licensed small-scale mining sector, as well as portions of production from large-scale mining firms in line with the government’s preemption rights. “We are the sole assayer and exporter of all gold from Ghana,” he asserted.
Strong Enforcement
However, Lawyer Sammy Gyamfi stressed that these significant regulatory powers would be meaningless without a strong enforcement mechanism, which is what necessitated the establishment of the task force.
He explained that the law which set up the Goldbod also provided for a dedicated team of inspectors to ensure strict compliance with the mandate.
“We are here for the purpose of inaugurating that taskforce, which has a crucial role in ensuring that the Goldbod is able to fulfil its mandate. With your support, we’ve provided the necessary orientation, training, logistics, and resources for the task force.
“We will protect and support those of you who want to do your work effectively, but we will also deal ruthlessly with any member of the task force who brings the name of the government and the nation into disrepute”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
He made a passionate appeal to all stakeholders within the gold trading sector to comply with the Goldbod’s licensing regime.
Licensing Process Reforms
Highlighting reforms in the licensing process, Lawyer Sammy Gyamfi noted that over 300 licenses had been issued through a digital platform that eliminated human involvement and corruption.
“There is no form of corruption, bribery, or extortion involving the entire process. We have not demanded or collected a dime from any licensed applicant. The process is very transparent and competitive.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
In furtherance of efforts to eliminate the incentives for gold smuggling, Sammy Gyamfi praised the Mahama-led administration for removing the 1.5% withholding tax on Dore gold in the 2025 budget, calling it a landmark decision that has shifted the economics of gold trading in Ghana.
He also reported on the institution’s efforts to ensure competitive pricing. “Our pricing system is one of the best in the world,” Lawyer Sammy Gyamfi said, pointing out that Goldbod publishes daily gold prices on its website using international market benchmarks.
He emphasised that Ghana offers spot prices to miners and traders—something rarely found even in global gold hubs like Dubai or India. “Dubai is buying gold today at a discount of $9 per ounce; India is doing so at a discount of $5 per ounce. We are buying at spot price,” Lawyer Sammy Gyamfi disclosed.
He explained that this pricing approach, combined with converting the value into cedis at the official interbank rate, reinforces the transparency and fairness of Ghana’s gold trade system.
While acknowledging some complaints about pricing being low, Lawyer Sammy Gyamfi firmly rejected the notion that the country should resort to black market rates, citing the associated foreign exchange losses and broader economic risks.
He called for understanding and patriotism from traders and miners, asserting, “We would want to appeal to all stakeholders, particularly traders and miners, to bear with us for the benefit of our nation.”
Citizens as Watchdogs
Importantly, Lawyer Sammy Gyamfi encouraged citizens to be watchdogs over the activities of the newly formed taskforce, urging the public to volunteer information that could aid in enforcement.
“We call on citizens to support us by volunteering information that can help in the implementation of the enforcement duties of this taskforce we have assembled here”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
He concluded with a message of gratitude and determination, recognizing the young institution’s early progress and the monumental support from President Mahama.
“Even though we are just four months old, the president has told me that we are going to be given a huge land around the Kotoka International Airport for the construction of our head office. That should tell you the importance he attaches to this work.”
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
Describing membership in the Goldbod team as both a privilege and a national responsibility, Lawyer Sammy Gyamfi urged all workers and members of the taskforce to justify the trust reposed in them.
“Let’s make him proud. Let’s justify the enormous powers we’ve been given and the confidence His Excellency has reposed in us—for the sake of prosperity”.
Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi Esq
The inauguration of the task force marks a pivotal moment in Ghana’s efforts to clamp down on gold smuggling, increase revenue from its mineral wealth, and entrench ethical governance in the extractives sector.
With a clear regulatory framework, political backing, and strong institutional leadership, the Ghana Gold Board appears poised to redefine gold trading in the country.
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