Goldbod to take over small-scale gold exports — Sammy Gyamfi explains new policy

The government has announced a policy shift that will make Goldbod the sole exporter of gold from Ghana’s small-scale mining sector, effectively barring licensed traders and bullion dealers from exporting gold directly.

The Acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi disclosed the new directive in an interview on Joy FM on Thursday, March 20, 2025.

Explaining the rationale behind the move, he stated that the government aims to improve foreign exchange tracking and ensure that all forex earnings from gold exports are properly accounted for.

“The licensed traders cannot export again. The bullion traders cannot export. Goldbod will be the sole exporter of all gold from the small-scale sector,” Mr Gyamfi confirmed.

Traders to buy for Goldbod

Under the new arrangement, traders will still be allowed to operate but only as aggregators or licensed buyers, meaning they can purchase gold but must operate under Goldbod’s buying policy. However, they will no longer be able to export gold independently.

Additionally, exporters with international buyers will be required to channel payments through Goldbod, which will receive the foreign currency, convert it into cedis for the traders, and then handle the exports on their behalf.

Concerns over past policies

Mr Gyamfi noted that the new system seeks to correct problems caused by previous government policies.

He recalled that in November 2022, the New Patriotic Party (NPP) government suspended all export licences, making the Bank of Ghana and PMMC the sole exporters of small-scale gold.

“That decision was taken unilaterally without legal backing under the pretext of implementing the ‘Gold for Oil’ policy,” he stated.

He further alleged that while export licences were suspended, the then Minister of Lands and Natural Resources selectively granted exemptions to certain exporters, creating an unfair system that benefited only a few.

“Instead of applying the rule fairly, the then Minister of Lands and Natural Resources granted exemptions to some exporters. This created an unfair system that favoured a few,” he added.

Government aims to boost forex repatriation

A key reason for the policy change, according to Mr Gyamfi, is to address forex retention challenges in Ghana’s gold sector.

He argued that under the previous system, traders often failed to return foreign currency earned from gold sales, which affected Ghana’s forex reserves.

“The reason why we need this change is so that we can track the forex and bring it back. We entrusted traders with this responsibility, but we had issues with forex retention and repatriation,” he explained.

By centralising gold exports, the government believes it will tighten control over forex inflows, which it argues will benefit the economy.

Awaiting Parliamentary approval

The Goldbod Bill, which is currently before Parliament, is expected to provide the legal framework for the new gold export system.

If passed, the bill will cement Goldbod’s role as the sole exporter of gold from the small-scale sector, while allowing existing traders to operate as aggregators or partner with the state for exports.