The Chief Executive Officer of Goldbod, Sammy Gyamfi, has announced an end to gold smuggling and illegal trading of the commodity in Ghana.

According to him, Goldbod remains committed to ensuring that every individual engaged in gold smuggling is brought to justice and made to face the full rigors of the law.

Speaking at the Mining in Motion Summit in Accra on Monday, June 2, 2025, Sammy Gyamfi said Goldbod, in collaboration with the National Security Secretariat, will launch an anti-gold smuggling taskforce to further intensify the fight against illicit gold trading.

"Ladies and gentlemen, the days of illegal gold trading and uncontrolled gold smuggling have come to an end. The Goldbod will ensure that Ghana’s gold is traded and exported legally and the forex proceeds thereof, fully repatriated to support our economy and improve the livelihoods of our people. We shall not rest until every gold smuggler is put behind bars," he said.

"In the coming weeks, the GoldBod shall in conjunction with the National Security Secretariat launch a standing anti-gold smuggling taskforce, to further strengthen our fight against the illicit menace. All persons who fall foul of the law will be dealt with no matter whose ox is gored. No one will be spared," he added.

Touching on the revenue raked in so far, the Goldbod CEO revealed that the total gross weight of gold exported by PMMC (now Goldbod) from January to May 2025 stands at 41.5 tonnes.

Gold purchases and exports by Goldbod from the ASM sector in May hit a record high of 11 tonnes, with an export value of US$1.172 billion.

Sammy Gyamfi reiterated Goldbod’s commitment to maximizing the full potential of the ASM sector by supporting sustainable artisanal mining and promoting responsible sourcing among all gold traders.

He further announced plans to roll out a digital traceability technology for Goldbod’s entire supply chain, aiming to enhance market access and increase the value of Ghana’s ASM gold.

“In the medium to long term, we will ensure that every gram of gold purchased by Goldbod is traceable throughout its various custody points, all the way to the mine where it was produced,” he explained.

Parliament passed the Ghana Gold Board Bill, 2025, into law on Friday, March 28, 2025.

Under the new law, the Ghana Gold Board is responsible for overseeing, monitoring, and managing the buying, selling, and export of gold and other precious minerals.

The law designates GoldBod as the sole exporter of gold from Ghana’s small-scale mining sector, effectively prohibiting licensed traders and bullion dealers from exporting gold directly.

As part of efforts to revitalise the local economy, President John Dramani Mahama initiated the establishment of the Ghana Gold Board, which operates under the Ministry of Finance.

Clause 68(1) of the Goldbod Bill stipulates that no person shall without lawful authority, hoard gold without a license or authorization issued by the Gold Board.

This clause is intended to prevent situations where licensed agents, funded to purchase gold for Goldbod, hoard the commodity, leading to scarcity, unfair competition, or price manipulation, among other issues.

Direct buying and selling of gold on the market is prohibited under the Ghana Goldbod Act. However, foreigners may apply to Goldbod to purchase gold from Ghana through the organisation.

Foreigners are also permitted to act as off-takers.

Foreigners should buy gold through GoldBod, which will then export the gold to their country or a location of their choice.

SA/AE

Watch the latest edition of BizTech below:



Click here to follow the GhanaWeb Business WhatsApp channel

Meanwhile, watch GhanaWeb's tour of Odweanoma Paragliding Field below: