GoldBod’s $4bn breakthrough validates Mahama’s vision for mining sector – Sammy Gyamfi

Ghana Gold Board (GoldBod) CEO Sammy Gyamfi spoke about President John Mahama’s vision. He said it aims to create a centralized gold regulation authority. This initiative is already showing positive economic results.

At the Mining In Motion Summit in Accra, Gyamfi shared that Ghana's foreign exchange reserves increased by about $4 billion. This boost is due to GoldBod’s strict regulations and efforts against gold smuggling.

“For years, Ghana’s gold potential was harmed by poor regulation,” he stated. He compared the situation to a butcher lacking protein despite being rich in meat.

Gyamfi believes things have changed under President Mahama's centralized framework. “This hurdle is now behind us,” he said, praising Mahama for establishing the Ghana Gold Board.

He reported that from February to May 2025, GoldBod exported 41.5 tonnes of gold from artisanal small-scale mining (ASM). This generated around $4 billion in revenue for the Bank of Ghana.

“In May alone, we exported 11 tonnes valued at $1.172 billion,” he added. He noted this was the first time ASM exports surpassed those from large-scale mining.

The CEO credited their success to strict regulatory controls and effective monitoring systems. “We tightened regulations and fought hard against gold smuggling,” he explained.

GoldBod has taken over from the former Precious Minerals Marketing Company (PMMC). It is now the only legal buyer and exporter of artisanal gold in Ghana.

“No one else has this mandate,” Gyamfi clarified. The GoldBod regulates, buys, assays, refines, and exports gold to support forex generation.

He praised President Mahama’s foresight as a transformative leadership era. The CEO emphasized that they are just getting started with their initiatives.

“By year-end, we will launch digital traceability technology,” he announced. This will improve market access and increase ASM gold value internationally.

He invited international investors to partner with GoldBod for legitimate opportunities in gold trading. “Foreigners cannot buy directly but can work with licensed local aggregators,” he explained.

Licensees must meet strict responsible sourcing requirements overseen by GoldBod and financial intelligence agencies.

“We prioritize traceability and anti-money laundering efforts,” Gyamfi stated firmly.

“The GoldBod supports sustainable sourcing of gold," he added. "Artisanal miners can be allies of development when properly supported.”

His remarks indicate a significant shift in Ghana’s extractive economy towards stability. “With over $4 billion unlocked in four months, our vision is clearly working,” he concluded.