Goldbod CEO denies claims of buying galamsey gold

The Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi, has dismissed allegations that the newly established institution is contributing to the rise of illegal mining, widely known as galamsey.

Speaking on JoyFM on September 19, 2025, Gyamfi described the claims as “false and misleading,” stressing that an institution created just five months ago cannot be blamed for a problem that has persisted for decades.

“Last year, when there was no Gold Board, galamsey had reached unprecedented levels. How then can a five-month-old statutory corporation be responsible for this?” he asked.

Gyamfi clarified that the Gold Board’s role is not to directly combat illegal mining but to promote sustainable and responsible mining practices. He highlighted that enforcement remains the responsibility of agencies such as the Ministry of Lands and Natural Resources, the Minerals Commission, and the Ministry of Environment.

Despite its short existence, the Board has already contributed GH¢5 million and five Toyota Hilux vehicles to the National Anti-Illegal Mining Secretariat to strengthen its operations, he noted.

The CEO revealed that the Board is spearheading the rollout of a gold traceability system that will track every ounce of gold from its source. The system, he explained, will rely on advanced technologies including satellite monitoring, RFID, and blockchain to ensure that only responsibly mined gold enters official supply chains.

“Because Ghana’s small-scale gold is not traceable, we are limited to markets in Dubai, India, and Hong Kong. Traceability will give us access to premium buyers like LBMA refineries in Switzerland, increasing our revenue,” he said.

While acknowledging the complexities surrounding illegal mining, Gyamfi argued that the establishment of the Gold Board itself is a step toward long-term reform. He cautioned that a key policy decision facing government is how to handle untraceable gold.

“Some say it should be rejected, while others warn that rejection could fuel smuggling. The reality is that gold will always find a market. Our responsibility is to ensure Ghana benefits from it through proper structures, and that is what the Gold Board is working to deliver,” he concluded.