Goldbod won’t be a player and referee; there’s no conflict of interest - PMMC Boss assures

Mr. Sammy Gyamfi is the Acting Managing Director of the Precious Minerals Marketing Company (PMMC). He has addressed concerns about a conflict of interest with the new Ghana Gold Board (Goldbod).

He stated that Goldbod’s mandate is clear and structured. It aims to ensure transparency, accountability, and non-interference in gold trading.

“Goldbod does not compete in buying and exporting gold,” Mr. Gyamfi said. “So where would the conflict of interest arise?” he asked during an interview on JoyNews' Newsfile.

Mr. Gyamfi compared Goldbod to the Ghana Cocoa Board (Cocobod). Cocobod licenses private cocoa buyers and provides them funding for purchases. Similarly, Goldbod will license gold aggregators and buyers.

He emphasized that Ghana is not a communist state. The government will not nationalize gold trade. The private sector will continue to play its role in this market.

Goldbod will license buyers, advance funds, and they will buy gold on behalf of Goldbod. This model ensures compliance with best practices and legal standards.

Mr. Gyamfi explained that regulatory powers are necessary for oversight. Inspectors can visit licensed agents’ premises to audit their operations.

“We are not going to be both player and referee,” he said. “Goldbod regulates licensed agents but does not compete with independent buyers.”

He also mentioned a tribunal under Goldbod’s framework for resolving disputes in the gold trade sector.

Mr. Gyamfi dismissed claims of a conflict of interest as unfounded misunderstandings of their model. “This issue is totally moot,” he concluded, stating no conflict arises here.