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The government’s plan to establish the Ghana Gold Board (GoldBod) aims to do more than regulate the small-scale mining sector. It seeks to revitalize Ghana’s gold industry, boost foreign exchange inflows, and help stabilize the local currency.
Sammy Gyamfi, the newly appointed Acting Managing Director of the Precious Minerals Marketing Company (PMMC), will play a pivotal role in this effort. He succeeds Nana Akwasi Awuah, stepping into the role at a time when Ghana’s mineral sector is poised for significant economic transformation.
PMMC, the legal authority for grading, valuing, processing, buying, and selling precious minerals in Ghana, is renowned for its cutting-edge technology and unmatched expertise in determining the purity of gold, diamonds, and other precious metals.
One of Sammy Gyamfi’s primary responsibilities will be driving the establishment of the Ghana Gold Board (GoldBod), a flagship initiative under the administration of President John Dramani Mahama. This project aims to formalize and sustainably manage Ghana’s gold resources, particularly in the small-scale mining sector, which has faced longstanding challenges.
The GoldBod, under the guidance of the Finance Ministry, seeks to inject transparency and professionalism into small-scale mining, a critical component of the nation’s mining industry. By addressing issues such as illegal mining and inadequate regulation, the initiative is expected to enhance the sector’s contribution to the economy.
With global gold prices predicted by Databank Research to rise to between $2,500 and $3,100 per ounce by 2025 due to geopolitical tensions and potential U.S. interest rate cuts, Ghana has a significant opportunity to maximize foreign exchange inflows. Proper management of its gold resources will be crucial in leveraging this advantage.
At his vetting on January 13, 2025, Finance Minister-designate Dr. Cassiel Ato Forson emphasized the strategic importance of the Ghana Gold Board in stabilizing the cedi. “In the long term, as a country, we need to sustainably anchor the Ghana Cedi with a number of policies. First is the establishment of the Ghana Gold Board. This will help us use the gold in a way that brings in the needed forex to support the Cedi in the very short term,” he said.
With the Ghana Gold Board at the heart of the government’s economic strategy, Sammy Gyamfi’s leadership at the PMMC will be instrumental in ensuring the success of this transformative initiative and positioning Ghana as a global leader in gold resource management.
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