GoldBod cuts Ghana gold discount by more than 10%, says CEO Sammy Gyamfi

Ghana’s Gold Board has reduced the discount applied to gold traded domestically by more than 10%, according to its Chief Executive Officer Sammy Gyamfi.

Mr Gyamfi said the reduction was one of the main gains achieved since GoldBod took responsibility for buying and selling gold within Ghana. He said the reforms were intended to correct inefficiencies in the domestic market and ensure that gold produced in the country receives a more accurate valuation.

Speaking on X Spaces on Sunday, August 9, Mr Gyamfi said the changes had helped Ghana retain a greater share of the value generated by its gold resources.

“GoldBod has been able to discount the price of gold in Ghana by more than 10%,” he said.

The discount refers to the difference between the price paid for Ghanaian gold and prevailing market prices. Mr Gyamfi said narrowing that gap would allow both producers and the country to benefit more fully from the value of the precious mineral.

“The idea is to make sure that the gold that is produced in Ghana is properly priced and that we are able to retain the value of that gold within Ghana,” he said.

GoldBod’s pricing changes form part of a wider restructuring of Ghana’s domestic gold trade. The programme is aimed at building a market that is more organised, transparent and efficient, while reducing losses that can occur at different stages of the trading process.

Mr Gyamfi also outlined several other measures being introduced by GoldBod. These include profiling licensed gold buyers in order to improve the traceability of transactions, increasing oversight of gold trading activities and promoting greater local refining of gold produced in Ghana.

He said the measures were designed to reduce the amount of value lost along the gold trading chain and to strengthen Ghana’s position in the international gold market.

Ghana is a major gold producer, and Mr Gyamfi said the reforms would help the country gain greater economic benefits from that position. He added that they would also support foreign exchange inflows and contribute to wider economic management.

The changes come as GoldBod assumes a central role in Ghana’s domestic gold market. Its reforms are focused on ensuring that locally produced gold is properly priced, more of its value remains within the country and trading activity is monitored more closely.

According to Mr Gyamfi, improved pricing, stronger traceability and increased local refining are intended to make the sector more effective while supporting the broader economic objectives of Ghana.