The Precious Minerals Marketing Company (PMMC) Acting Managing Director, Sammy Gyamfi, has issued a statement to clarify the role and operations of the Ghana Gold Board (GoldBod) following the passage of the GoldBod Bill by Parliament on March 28, 2025. The statement addresses concerns about potential conflicts of interest, emphasizing that GoldBod operates as a monopoly in the gold trading and export sector, but its regulatory function is limited to its own licensed agents, not competitors within the market. This targeted regulatory oversight is designed to ensure adherence to the GoldBod Act and related regulations by those authorized to trade on its behalf, ultimately facilitating the realization of the board’s objectives.
Gyamfi’s statement explicitly refutes the claim that GoldBod acts as both a regulator and a commercial player, a situation that could potentially create conflicts of interest. He clarifies that GoldBod’s regulatory powers are specifically intended to ensure compliance among its licensed agents, effectively separating its regulatory function from any perceived competitive activity. This distinction underscores that GoldBod does not regulate other entities participating in the gold market, thereby eliminating the possibility of a conflict of interest arising from its dual role as a market player and regulatory body.
The core of Gyamfi’s argument rests on the principle that GoldBod’s regulatory oversight serves to enforce its own internal rules and guidelines among its authorized representatives, not to control or influence the broader gold market. This internal focus aligns with its monopolistic position in gold trading and export by enabling it to maintain control over the activities of its agents, thereby ensuring consistency and adherence to its operational standards. The regulatory framework, therefore, acts as a mechanism for internal governance and quality control rather than a tool for manipulating the competitive landscape.
Furthermore, Gyamfi’s statement clarifies that the GoldBod’s overarching goal is to maximize the benefits derived from Ghana’s gold resources. By establishing a monopoly and implementing a targeted regulatory framework, the board aims to streamline the trading and export processes, ensuring efficiency and accountability within its operations. This centralized approach, according to Gyamfi, allows for better control over the gold trade and strengthens the government’s ability to effectively manage and benefit from this valuable national resource. The regulatory framework, therefore, serves as a critical component of this resource management strategy.
The establishment of GoldBod as a monopoly is presented not as a mechanism to stifle competition or create an unfair advantage but as a strategic move to consolidate the gold trade under a single entity capable of maximizing returns for Ghana. This centralized approach, Gyamfi argues, allows for more effective oversight and regulation, leading to increased transparency and accountability in the management of gold resources. By controlling the entire export process, GoldBod aims to minimize potential leakages and maximize revenue generation for the benefit of the nation.
In summary, Gyamfi’s statement seeks to dispel misconceptions surrounding the GoldBod’s role and operations, emphasizing its function as a monopoly focused on maximizing the benefits of Ghana’s gold resources. He clarifies that the board’s regulatory function is limited to its own licensed agents and is designed to ensure compliance with its governing regulations, not to stifle competition or create conflicts of interest. This targeted oversight, combined with its monopolistic position, is presented as a strategic approach to effectively manage the gold trade, enhance transparency, and maximize returns for the Ghanaian economy.
