GoldBod CEO warns of prosecution for unlicensed Gold Trading
The Chief Executive Officer of the Gold Board, Sammy Gyamfi, has cautioned that individuals and companies purchasing gold outside approved channels risk prosecution as authorities tighten regulation of the sector.
Speaking on PM Express Business Edition, he said the Board is implementing strict controls to promote responsible sourcing and ensure full traceability of gold transactions.
“That borders on the issue of responsible sourcing and traceability. If you go on our website, you’ll see that we have a whole policy on responsible sourcing, and we don’t joke with that,” he stated.
Mr Gyamfi explained that the gold trade has now been formalised, requiring all buyers to operate under a licensing regime that allows for effective monitoring and regulation.
“To start with, we have formalised the trade to ensure that anyone buying gold for us has our licence. Once you have our licence, we can control you, because it is granted under the law, which allows us to regulate how it is used,” he said.
He emphasised that each licence comes with strict terms and conditions, including a requirement to purchase gold only from licensed miners.
“And so every licence comes with terms and conditions, and you are told only to buy gold from licensed miners,” he added.
Citing the Gold Board Act, Mr Gyamfi warned that violations will attract legal consequences.
“Section 50(9C) of the Gold Board Act says that if you breach any condition of your licence, you have committed a crime. That is a strong deterrent,” he stressed.
He issued a direct warning to dealers attempting to bypass the system, noting that offenders risk prosecution if caught sourcing gold from unlicensed operators.
Beyond enforcement, Mr Gyamfi disclosed that systems are being developed to track every gram of gold purchased, ensuring it originates not just from licensed mines but from responsible sources.
“The second step is to put in place systems that allow the Gold Board to monitor and ensure that every gram of gold it receives is from a responsible mine,” he said.
He added that broader reforms are underway in collaboration with the Ministry of Lands and Natural Resources to formalise artisanal miners through cooperative schemes and integrate them into the licensed small-scale mining sector.
According to him, the formalisation programme is nearing completion and will soon be rolled out with the involvement of the President.
Mr Gyamfi further revealed that a comprehensive traceability system is already under development as part of efforts to sanitise the sector and strengthen oversight.
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