Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has criticised the gold-buying regime under the previous New Patriotic Party (NPP) administration, claiming that some companies involved in purchasing gold operated without formal contracts with the state.

According to him, the arrangement also allowed gold-buying companies to adjust exchange rates to recover their operational costs, creating weaknesses in the system.

Speaking during a discussion on X Spaces on Sunday, August 9, Mr Gyamfi said the situation made it difficult for the state to effectively monitor transactions and properly account for the value of gold being purchased.

“Gold-buying companies under the erstwhile NPP government: there was no contract, and the companies were adjusting the exchange rate to settle their costs,” he said.

Mr Gyamfi said reforms being implemented under President John Mahama through GoldBod are intended to introduce greater structure, transparency and accountability into Ghana’s gold trading sector.

As part of the reforms, he said GoldBod is profiling licensed gold-buying companies to establish the sources of the gold they purchase and improve traceability within the sector.

He explained that the measures are aimed at ensuring greater oversight of the gold supply chain and providing the state with a clearer understanding of transactions within the industry.

Mr Gyamfi also said the new regime is seeking to increase the amount of Ghanaian gold refined locally, allowing the country to retain more of the economic benefits associated with refining rather than losing that value abroad.

He maintained that the reforms would help address weaknesses in the previous gold-buying arrangement and ensure that Ghana derives greater value from its mineral resources.