No one can export gold except GoldBod - Sammy Gyamfi

The acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, spoke about the GoldBod framework. This proposal allows only one state-backed entity to export gold from Ghana.

On JoyNews PM Express, Mr. Gyamfi explained the current issues with gold exports. He noted that unregulated exports have caused significant foreign exchange losses. This has contributed to the depreciation of the Cedi.

He mentioned that multiple exporters compete in this unstructured system. Private firms licensed by the Ministry of Lands and Natural Resources are included. This competition has led some exporters to fold or resort to smuggling.

Mr. Gyamfi highlighted that legal exporters often lose out financially. Many foreigners choose to smuggle gold instead, depriving the state of forex earnings.

He stated that gold smuggling worsens Ghana’s forex crisis. It makes it harder for businesses to access dollars, raising import costs and inflation.

To tackle these issues, he proposed centralizing all gold exports under GoldBod. This will ensure immediate repatriation of forex earnings from gold sales, stabilizing the Cedi.

Under GoldBod, only this entity can export gold, ensuring all dollars return promptly. Mr. Gyamfi emphasized that private exporters currently must repatriate only 80% of their earnings within 30 days.

However, many do not comply with this requirement. With GoldBod, 90% of earnings will be credited to the Bank of Ghana on the same day as export. The remaining balance will arrive within 48 hours.

He assured that once GoldBod is implemented, exporters will benefit significantly. They will receive most dollars immediately after exporting their gold without waiting for compliance delays.