The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has defended the institution’s gold pricing structure and traceability reforms, dismissing claims of losses and lack of transparency as a misunderstanding of how Ghana’s gold trading system currently operates.

Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi said GoldBod’s pricing framework represents a major shift from previous practices, where gold purchases were based largely on informal retail market rates.

“For years, gold in Ghana was bought at informal retail market prices. This is the first time an institution has moved the buying rate closer to the interbank level,” he explained.

According to him, although GoldBod uses the interbank exchange rate as the base price, additional bonuses are applied to reflect pricing dynamics in neighbouring countries and to discourage cross-border smuggling.

“When you add the bonuses to the interbank rate, the final buying price comes close to the retail market price. It is still lower than the price at which gold was being bought under the previous NPP administration,” he noted.

Mr Gyamfi explained that what some commentators describe as “losses” largely result from foreign exchange inflows being later converted at lower interbank or Bank of Ghana rates, rather than from inefficiencies in GoldBod’s operations.

He also addressed concerns about the origin and destination of gold traded by GoldBod, stressing that traceability is central to the institution’s mandate.

“GoldBod was set up to pursue something Ghana has never seriously implemented before—traceability in gold trading,” he said, adding that while Ghana has traded gold for decades, this is the first time clear timelines have been established to ensure traceable supply chains.

Clarifying GoldBod’s operational model, Mr Gyamfi explained that the Board does not buy gold directly but works through licensed traders whose obligations are strictly defined by law.

“All our licensing terms and conditions are publicly available. We purchase gold through our licensees, and they are required to buy exclusively from licensed miners,” he said, referencing Section 59(c) of the GoldBod Act, which criminalises violations of this requirement.

On environmental protection, the GoldBod CEO said the institution is backing stronger enforcement against illegal mining, commonly known as galamsey, in contrast to what he described as weak enforcement in the past.

He cited measures such as the revocation of regulations that permitted mining in forest reserves, restrictions on the importation of excavators, the clearance of illegal miners from nine forest reserves, and intensified arrests.

According to Mr Gyamfi, seized excavators have been properly documented, polluted water bodies are gradually recovering, and the government has resisted political interference in enforcement efforts.

“We have not turned galamsey into a free-for-all enterprise for party funding,” he stressed, adding that GoldBod’s reforms are helping restore discipline, transparency and environmental responsibility to Ghana’s gold sector.