The government’s initiative to create the Ghana Gold Board (GoldBod) aims not only to implement effective regulation of the small-scale mining sector but also to rejuvenate Ghana’s gold industry, increase foreign exchange earnings, and assist in stabilizing the local currency.
Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), is expected to play a pivotal role in these initiatives.
He assumes leadership of the PMMC, succeeding the former Managing Director, Nana Akwasi Awuah.
With a commitment to excellence and accountability, Sammy Gyamfi takes on this responsibility at a time when Ghana’s mineral sector presents significant opportunities for economic development.
The PMMC, which is the officially recognized authority for the grading, valuation, processing, purchasing, and selling of precious minerals in Ghana, is equipped with advanced technology and unparalleled expertise in assessing the purity of gold, diamonds, and other precious metals.
One of Sammy Gyamfi’s foremost objectives is to lead the establishment of the Ghana Gold Board (GoldBod), a flagship project under President John Dramani Mahama’s administration.
This initiative is intended to enhance the sustainable management and marketing of Ghana’s gold resources.
The GoldBod will also aim to formalize the small-scale gold mining sector, which is a vital segment of the nation’s mining industry.
Guided by the Finance Ministry, this initiative seeks to introduce transparency and professionalism into a sector that has historically faced numerous challenges.
With gold prices anticipated by Databank Research to rise to between $2,500 and $3,100 per ounce by 2025, influenced by geopolitical tensions and potential reductions in U.S. interest rates, Ghana stands to benefit significantly from foreign exchange inflows with effective management of its natural resources.
During his vetting on January 13, 2025, Finance Minister-designate Dr. Cassiel Ato Forson indicated that the establishment of the Ghana Gold Board will ultimately contribute to stabilizing the economy.
To ensure the long-term stability of the Ghana Cedi, it is essential for the nation to implement a series of sustainable policies. A primary initiative is the creation of the Ghana Gold Board. This organization will facilitate the strategic utilization of gold resources, thereby generating the necessary foreign exchange to bolster the Cedi in the immediate future, he stated.
