Member of Parliament for Okaikwei Central, Patrick Boamah, has accused the Ghana Gold Board (Goldbod) of unfair pricing of gold on the local market.
He makes the point that Goldbod has chosen to use the interbank rate in valuing gold on a daily basis.
In his view, this is not only unfair to miners in Ghana but also a rip-off, since no commodity is priced using this rate for trade purposes.
He added that even government payments for foreign currency–denominated goods and services do not use this rate as the basis for transactions.
So why gold? He asked.
It is recalled that the Chief Executive Officer of GoldBod, Sammy Gyamfi, announced that, going forward, the agency will only transact business at interbank forex rates. GoldBod came under intense public criticism following revelations that it had been trading gold at the black market rate of over GH¢12 per US dollar, instead of the approved Bank of Ghana rate of GH¢10.30.
Responding to the criticisms, Mr Gyamfi admitted that GoldBod had indeed traded at black market rates, citing competition from gold smugglers as the reason.
“Gold has always been bought in the local Ghanaian market based on the informal retail forex rate, popularly called the ‘black market’ rate, since time immemorial,” Sammy Gyamfi wrote, in defence of GoldBod’s decision. When I assumed office as Acting Managing Director of the PMMC on 22 January 2025, gold was being bought by all market players, including public and private entities, at a black market rate of about GH¢16. What GoldBod has sought to do is to change this black market buying phenomenon, which is the primary source of forex trading losses by the Bank of Ghana, MIIF, and other responsible traders, through our market regulatory powers. By April 2025, GoldBod had succeeded in bringing the local buying rate down to interbank levels. We managed to sustain local prices at that level for about two months.”
“However, due to the lack of permanent market regulatory systems, Goldbod was, in the last two weeks of June 2025, compelled to raise its buying rate back to black market levels. This was to combat extreme competition from smugglers and hoarders who were taking undue advantage of the wide disparity between the interbank rate (GH¢10.30) and the black market rate (over GH¢12).”
But in a statement, Patrick Yaw Boamah said that “Why is Goldbod now issuing two prices for gold purchases each day? This practice defies economic logic and reflects a lack of transparency on the part of both Goldbod and government in the controlled pricing regime of the JDM “Reset” administration.
“Which commodity in the same market, for the same players, is sold at dual prices? This strongly suggests that Goldbod and government are concealing the true and fair price of gold in Ghana. If Goldbod can pay “bonuses” for gold, why not declare and pay the proper price outright? Why maintain different prices for the same commodity? Goldbod and government must come clean.”
Below is his full statement…
Goldbod’s pricing policies raise transparency and fair play concerns in Ghana
By Hon.Patrick Boamah, MP Okaikwei Central
Recent developments in Ghana’s gold trade business, led by Goldbod, leave much to be desired regarding the ground rules of fair play and transparency
The following issues beg for answers from government, particularly Goldbod:
Unfair pricing of gold in the local market
Goldbod has chosen to use the interbank rate in valuing gold on a daily basis. This is not only unfair to miners in Ghana but also a rip-off, since no commodity is priced using this rate for trade purposes. Even government payments for foreign currency–denominated goods and services do not use this rate as the basis for transactions. So why gold?
Furthermore, the Bank of Ghana has resorted to manipulating the rate by perpetually pegging the interbank rate below Bloomberg’s USD rate, effectively short-changing miners and undermining their investments in the gold mining business.
Issuance of two daily gold prices
Why is Goldbod now issuing two prices for gold purchases each day? This practice defies economic logic and reflects a lack of transparency on the part of both Goldbod and government in the controlled pricing regime of the JDM “Reset” administration.
Which commodity in the same market, for the same players, is sold at dual prices? This strongly suggests that Goldbod and government are concealing the true and fair price of gold in Ghana. If Goldbod can pay “bonuses” for gold, why not declare and pay the proper price outright? Why maintain different prices for the same commodity? Goldbod and government must come clean.
Harassment of miners and gold traders by national security operatives
To justify and enforce this opaque market system introduced by Goldbod, government has unleashed national security operatives across the country, whose task has been to intimidate and brutalize poor miners and traders.
As a result, gold trading is now conducted under the cover of darkness and secrecy. Is this the “Reset” promised by JDM?
The small-scale mining sector, which is predominantly driven by Ghanaian investment, needs urgent protection before it collapses completely.
