Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says reforms introduced by the institution have reduced the discount applied to gold traded in Ghana by more than 10 per cent, helping the country retain more value from its gold resources.

According to him, the improvement in pricing is among the gains recorded since GoldBod assumed responsibility for the domestic buying and selling of gold.

Speaking on X Spaces on Sunday, August 9, Mr Gyamfi said the reforms were designed to address inefficiencies in the domestic gold market and ensure that locally produced gold is appropriately priced.

“GoldBod has been able to discount the price of gold in Ghana by more than 10%,” he said.

He explained that reducing the discount between the price at which Ghanaian gold is traded and prevailing market prices means producers and the country can retain more of the value generated from the precious mineral.

“The idea is to make sure that the gold that is produced in Ghana is properly priced and that we are able to retain the value of that gold within Ghana,” he said.

Mr Gyamfi said the pricing reforms form part of a broader restructuring of the domestic gold trade aimed at creating a more organised, transparent and efficient market.

He cited other measures being implemented by GoldBod, including the profiling of licensed gold buyers to improve traceability, tighter monitoring of gold trading activities and efforts to increase the local refining of Ghanaian gold.

According to him, these interventions are intended to reduce value losses along the gold trading chain and strengthen Ghana’s position in the international gold market.

Mr Gyamfi maintained that the reforms would ultimately enable the country to derive greater economic benefits from its status as a major gold producer while strengthening foreign exchange inflows and supporting broader economic management.