The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the Board is profiling all individuals and entities licensed to buy gold in Ghana to improve traceability and accountability within the country’s gold sector.

According to him, the exercise is helping GoldBod identify the sources of gold purchased by licensed buyers and obtain a clearer picture of gold flows across the country.

He said the move forms part of broader efforts to strengthen oversight of the industry and ensure that gold traded through the formal system can be properly accounted for.

Mr Gyamfi also highlighted recent changes in Ghana’s gold value chain, including increased local refining of gold purchased by GoldBod.

He said 7.1 metric tonnes of the gold bought by the Board is currently being refined in Ghana, allowing the country to retain refining fees that would previously have gone to countries such as the United Arab Emirates.

He further said Ghana’s growing refining capacity had positioned the country to participate more meaningfully in the international gold market, pointing to the LBMA accreditation secured by Gold Coast Refinery as a significant development for the sector.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said the profiling of licensed buyers was also helping the Board establish where gold entering the formal market was coming from.

“We are profiling all persons with a licence to buy gold in Ghana, and it is helping us know where all the gold buys are coming from,” he said.