Sammy Gyamfi is the Acting Managing Director of the PMMC
The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has addressed concerns regarding the Ghana Gold Board (GoldBod) having excessive power under the current administration.
Speaking on News File on Saturday, April 5, 2025, and monitored by GhanaWeb Business, Sammy Gyamfi said that GoldBod’s exclusive role as the sole commercial buyer of gold in the country leaves no room for competition in the sector.
According to him, the mandate given to GoldBod is clear, as it is tasked with the buying and exporting of gold, which he believes eliminates any potential for a conflict of interest in its operations.
“You said GoldBod has been given too much power in regulation and commerce, but it’s not necessarily so. GoldBod has no competitor in the market in its core mandate of trading gold, specifically buying and exporting gold. So where would the conflict of interest arise?” he explained.
Gyamfi further clarified that the regulatory power entrusted to GoldBod is intended to help manage and regulate licensed gold-buying agents on behalf of the government.
He added that the regulatory function is designed to ensure transparency and proper oversight in the gold trade.
“GoldBod has licensed agents buying and selling on its behalf with funds given to the agents to work for them. These are provisions we put in our laws to enhance alternative dispute resolution. It’s not a matter of giving too much power to an agency,” he clarified.
The Ghana Gold Board is a state-owned institution mandated to regulate and promote the development of the gold industry in the country.
SP/MA
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel