The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed suggestions that the newly created body is encouraging illegal mining by purchasing galamsey gold.
Speaking on Joy FM’s Super Morning Show, Mr. Gyamfi stressed that the notion that GoldBod provides a market for galamsey is misleading and inaccurate.
“To create the impression that nobody was buying galamsey gold and all of a sudden GoldBod is now giving it a market is clearly wrong,” he stated.
He explained that the Board itself does not buy gold. Instead, purchases are made by licensed private buyers, who operate mainly from district and regional capitals, not mining sites.
“They have no technology or system to tell whether the gold was mined responsibly or not,” he noted.
Mr. Gyamfi further explained that the issue of traceability in Ghana’s gold sector has existed for decades, dating back to colonial times. GoldBod, which is only five months old, has been mandated to address the challenge.
To this end, he revealed that the Board is working to introduce a traceability system before the end of the year. The system will employ technologies such as satellite monitoring, RFID, and blockchain to track the source of gold.
From next year, the rollout will begin, requiring licensed miners to seal and scan gold with unique codes, while aggregators will also be mandated to trace origins even after melting.
Mr. Gyamfi said this move will not only strengthen the fight against illegal mining but also open Ghana’s gold sector to premium international markets.
“Currently, because small-scale gold is not traceable, we are limited to markets in Dubai, Hong Kong, India, and Turkey. With traceability, we can access LBMA refineries in Switzerland and China where prices are higher,” he explained.
He stressed that GoldBod’s mandate is to promote responsible mining and sustainability, not to fuel illegal mining.
“People are having the wrong impression that Gold Board is in the market buying galamsey gold. Nothing of that sort is happening,” he emphasized.
