BY Issah Olegor
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has issued a strong warning to gold dealers and firms operating outside the country’s regulated gold trading framework, declaring that violators risk prosecution as authorities intensify oversight of the sector.
His remarks come at a time when the gold industry is undergoing significant reforms following the establishment of GoldBod in 2025.
The institution was created as part of broader government efforts to streamline gold purchasing, curb smuggling, improve traceability and maximise national revenue from the country’s mineral resources.
The move also aligns with ongoing attempts to formalise small-scale mining activities and bring greater transparency into Ghana’s gold value chain.
Speaking on PM Express Business Edition on Joy News, Gyamfi emphasised that the Board has adopted strict policies on responsible sourcing and traceability, which all licensed dealers are required to follow.
According to him, these policies are publicly available and form a critical part of GoldBod’s regulatory framework.
“That borders on the issue of responsible sourcing and traceability. If you go on our website, you will see that we have a whole policy on responsible sourcing, and we don’t joke with that,” he stated.
As part of efforts to bring order to the sector, Sammy Gyamfi revealed that GoldBod has formalised gold trading activities, ensuring that only licensed entities are permitted to buy gold on behalf of the Board.
He explained that the licensing regime gives the institution legal authority to regulate dealers and monitor their activities.
“To start with, we have formalised the trade to ensure that anyone buying gold for us has our license. Once you have our license, we can control you, because the license is given to you on the basis of law,” he said.
Under the new system, license holders are bound by strict conditions, including the requirement to purchase gold only from licensed miners. Sammy Gyamfi stressed that these conditions are not optional and are enforceable under law.
“Every license comes with terms and conditions, and you are told only to buy gold from licensed miners,” he noted.
He further pointed to provisions within the Gold Board Act, warning that any breach of licensing conditions constitutes a criminal offence.
“Section 50(9C) of the Gold Board Act says, if you breach any condition of your license, you have committed a crime. So that is a deterrence factor,” he explained.
Delivering a direct warning to dealers attempting to bypass the system, Gyamfi stated: “If you are buying gold with a Gold Board license, and you are caught buying gold from a miner other than a licensed miner, we can prosecute you. That is the first thing.”
Beyond enforcement, the GoldBod CEO indicated that the Board is investing in technology-driven monitoring systems to track the origin of gold purchases and ensure compliance with responsible sourcing standards.
According to him, the goal is to guarantee that every ounce of gold entering the system can be traced back to legitimate and environmentally responsible mining sources.
“We are putting in place systems that allow the Gold Board to monitor and ensure that every gram of gold it receives is from a responsible mine, not just a licensed mine,” he said.
Sammy Gyamfi also highlighted ongoing collaboration with the Ministry of Lands and Natural Resources to formalise the operations of artisanal and small-scale miners, many of whom operate outside the formal regulatory framework.
He explained that the government is working to integrate these miners into cooperative mining schemes and the licensed small-scale mining sector, as part of broader efforts to sanitise the industry
“You need to roll out the formalisation programme to ensure that we work together with the Ministry for Lands and Natural Resources to bring these artisanal miners into the mainstream licensed system,” he stated.
According to him, the formalisation programme is in its final stages and will soon be officially launched, with high-level government involvement. “We are putting it together, and very soon we will announce it. The President will be involved, and we will roll it out,” he disclosed.
He also confirmed that a traceability system is already under development, which will further enhance oversight and accountability within the gold trading ecosystem.
