In a bid to transform Ghana’s gold industry and stabilize the local currency, the government is establishing the Ghana Gold Board (GoldBod). Sammy Gyamfi was speaking in an interview with 3news on January 23, 2025.
According to Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), the GoldBod aims to regulate the small-scale mining sector, enhance foreign exchange inflows, and contribute to stabilizing the cedi.
Mr. Gyamfi emphasized that the project is designed to transform the sustainable management and marketing of Ghana’s gold resources. The GoldBod will also formalize the small-scale gold mining sector, a critical component of the nation’s mining industry. With the PMMC boasting cutting-edge technology and unmatched expertise in determining the purity of gold, diamonds, and other precious minerals, Mr. Gyamfi is confident that the GoldBod will inject transparency and professionalism into the sector.
The establishment of the GoldBod is a flagship initiative under the administration of President John Dramani Mahama. Finance Minister, Dr. Cassiel Ato Forson, highlighted the importance of the GoldBod in stabilizing the struggling cedi, stating that it will help bring in the needed foreign exchange to support the currency in the short term.
With gold prices projected to rise to between $2,500 and $3,100 per ounce by the end of 2025, Ghana stands to gain significant foreign exchange inflows with proper management of its natural resources. As Mr. Gyamfi steps into his new role, he is determined to spearhead the establishment of the GoldBod and transform Ghana’s gold industry for the better.
Ruth Abla ADJORLOLO
