Mining consultant Ing. Wisdom Gomashie has strongly refuted recent remarks by Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), describing several of his claims as misleading and historically inaccurate.
In responding to Mr. Gyamfi’s comments on gold purchase, Gomashie argued that the GoldBod’s operations are not as novel or transparent as portrayed and that much of the gold purchased by the state may still originate from illegal mining sources.
Ing. Gomashie disputed the assertion that the GoldBod Act, 2025 (Act 1140) is the first legal framework mandating the purchase of gold only from licensed small-scale miners.
“Before GoldBod, there was the Precious Minerals Marketing Company (PMMC), established under the PMMC Act, 1989 (PNDCL 219), alongside the Small-Scale Gold Mining Law, 1989 (PNDCL 218).
“The PMMC was mandated to buy and sell precious minerals and to appoint licensed agents to purchase gold from small-scale miners.”
Ing. Wisdom Edem Gomashie, Mining consultant
He said the creation of the GoldBod does not mark a new legal milestone, but rather a continuation of existing frameworks.
“Seeking to create the impression that the Ghana Gold Board Act is a novelty and that previous administrations operated without legal backing is misleading.”
Ing. Wisdom Edem Gomashie, Mining consultant
Addressing the claim that GoldBod purchases 20 percent of gold produced by large-scale mines, Ing. Gomashie noted that this initiative predates the current administration.
“On 9 August 2022, the then Vice President, Dr. Mahamudu Bawumia, met with the Ghana Chamber of Mines to encourage companies to sell a portion of their gold to the state under Section 7 of the Minerals and Mining Act, 2006 (Act 703).”
Ing. Wisdom Edem Gomashie, Mining consultant
He added that a November 2022 directive from the Ministry of Lands and Natural Resources instructed all large-scale mining firms to sell 20 percent of their output to the Bank of Ghana (BoG) through PMMC.
Ing. Gomashie emphasized, “In 2024 alone, the Chamber of Mines confirmed that 358,218 ounces of gold were sold to the central bank under this programme,” arguing that it is misleading for the GoldBod CEO to claim credit for the initiative.
Purchase of ‘Galamsey’ Gold
On the issue of whether GoldBod buys gold from illegal mining sources, Ing. Gomashie was unequivocal.
“From time immemorial, every government of Ghana, through PMMC to today’s GoldBod, has proxied illegally mined gold and exported it for foreign exchange. I stand anytime to defend it.”
Ing. Wisdom Edem Gomashie, Mining consultant
According to him, the state’s records show that small-scale gold exports account for about 40 percent of total production, but the exact origins of much of this gold remain unverifiable. “Per my estimations, over 60 percent of gold declared as small-scale output originates from illegal sources,” he asserted.
Ing. Gomashie contended that the Minerals Commission, which regulates the sector, cannot fully account for the quantities declared by GoldBod.
“Poor record-keeping, dormant licenses, and proxy sales make it impossible to verify the true sources.
“The gap between what is declared and what is purchased by GoldBod represents a significant illegal component.”
Ing. Wisdom Edem Gomashie, Mining consultant
He further questioned GoldBod’s compliance with OECD responsible sourcing guidelines, pointing out that the agency’s website lists only regional sources, Ashanti, Eastern, and Western Regions without naming specific licensed mining firms.
“Gold isn’t mined in gold shops; it comes from mines. GoldBod must publish data on all licensed suppliers if it wants to build credibility.”
Issuance of Mining Licenses
The mining consultant also highlighted contradictions in government narratives.
“The current government claims it hasn’t issued new small-scale mining licenses since taking office, yet celebrates that small-scale miners now account for 52 percent of total gold output.
“If over 2,000 miners are selling to GoldBod, where did their licenses come from?”
Ing. Wisdom Edem Gomashie, Mining consultant
He criticized what he described as hypocrisy in the government’s approach.
“These are the same licenses officials accuse of fueling illegal mining.
“If those operations are now feeding GoldBod, then the distinction between legal and illegal mining has been blurred.”
Ing. Wisdom Edem Gomashie, Mining consultant
He added that President John Dramani Mahama recently acknowledged that it is better for the state to buy gold from illegal sources through official channels than to allow smuggling, a statement that, in his view, contradicts the GoldBod CEO’s categorical denial.
On claims that Gold4Oil and Gold for Reserves programmes lacked legal structure, Gomashie dismissed them as false.
“The Bank of Ghana developed a Responsible Gold Sourcing Policy Framework under the Domestic Gold Purchase Programme, which outlined all legal sourcing guidelines in line with OECD principles.
“In fact, the Bank of Tanzania later adopted this model for its own central bank gold-buying programme.”
Ing. Wisdom Edem Gomashie, Mining consultant
In conclusion, the mining consultant called for honesty and transparency in addressing the challenges of Ghana’s mining sector.
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