GoldBod Driving Forex Inflows, Strengthening the Cedi – Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the government’s bold gold-sector reforms are already paying off, with foreign exchange inflows surging and the cedi showing signs of stability barely six months after the Board began operations.

Speaking on Joy FM’s Super Morning Show, Mr. Gyamfi described GoldBod’s creation as a product of foresight and decisive leadership, noting that annual gold export revenues have jumped from around US$2 billion to over US$6 billion within half a year.

Tackling Historical Challenges

Despite being one of the world’s leading gold producers, Ghana has long struggled to translate its vast gold exports into stable foreign reserves. Mr. Gyamfi blamed a previous system that allowed individuals and foreign companies to dominate small-scale gold exports, with as much as 70% of trade controlled by foreign entities—mainly from India.

Many of these exporters, he said, routinely flouted Bank of Ghana rules requiring that 80% of forex earnings be repatriated within 30 days, depriving the economy of critical inflows and fuelling smuggling.

“In places like India and Dubai, the figures for Ghana’s small-scale gold were huge, yet our own records showed very little,” he explained.

The Turning Point

The passage of the Ghana Gold Board Act, signed by President John Mahama on April 2, 2025, gave the state full authority to manage gold purchasing and exports. Key reforms include:

Foreigners barred from small-scale gold trading.

• Mandatory routing of all gold sales—large and small scale—through the Gold Board.
• Large-scale producers required to sell 20% of output locally, boosting the Bank of Ghana’s reserves.
• New licensing tiers to regulate buyers, from small grassroots traders to major dealers.

Mr. Gyamfi revealed that over 120 kilograms of gold from large-scale miners have already been added to Ghana’s international reserves, strengthening the cedi and improving the country’s balance of payments.

Economic Impact

According to him, the reforms are helping to reverse cedi depreciation, ease inflationary pressures, and reduce dependence on Eurobond borrowing and cocoa syndicated loans.

“This is about using our God-given resources to transform our economy and improve living conditions,” he said.

The changes also prioritize Ghanaian traders by making foreign participation in the small-scale sector a criminal offense punishable by up to 15 years in prison, while requiring all local buyers to obtain Gold Board licenses.

Looking Ahead

Industry players have hailed the reforms as a game-changer for Ghana’s mineral wealth.

“Within record time, we moved from concept to law to implementation, and today the results are clear. Ghana is finally asserting control over its gold wealth for the benefit of its people,” Mr. Gyamfi concluded.