The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has provided data to highlight what he says is the significant impact of the newly established body he heads on the economy, describing its creation as a product of foresight and decisive leadership.

Speaking in a discussion on Joy FM’s Super Morning Show on Friday morning, Mr Gyamfi explained that within just six months of operation, the Gold Board has substantially increased Ghana’s foreign exchange inflows and contributed to the stabilisation of the cedi.

According to him, annual gold export revenues that previously hovered around US$2 billion had surged to over US$6 billion within half a year, largely due to reforms introduced through the Gold Board.

Historical challenges

He noted that despite Ghana being one of the world’s leading gold producers, the country historically struggled to translate gold exports into stable foreign reserves.

He attributed this to a system that allowed individuals and foreign companies to dominate the small-scale gold export space.

Sammy Gyamfi argued that under the old regime, as much as 70 percent of Ghana’s gold exports were controlled by foreign entities, particularly from India.

Many of these exporters, he said, failed to comply with Bank of Ghana regulations requiring that 80 percent of foreign exchange earnings be repatriated within 30 days. This, according to him, deprived the economy of critical forex inflows and encouraged smuggling.

He said in places like India and Dubai, the figures for small-scale gold from Ghana were huge, yet local records in Ghana showed very little.

The passage of the Ghana Gold Board Act, assented to by President John Mahama on 2nd April, 2025, marked a turning point, and according to Sammy Gyamfi, the Act gave the state full authority to manage gold purchasing and exports, ensuring accountability and the repatriation of earnings.

Under the new regime:

Foreigners are barred from participating in small-scale gold trade.

All gold purchases—large or small scale—must be routed through the Gold Board.

Large-scale producers are required to sell 20 percent of their output locally, strengthening the Bank of Ghana’s reserves.

New licensing tiers have been created to regulate different categories of buyers, from grassroots operators who move between mining communities to major commercial dealers.

Mr Gyamfi disclosed that over 120 kilograms of gold from large-scale miners have already been added to Ghana’s international reserves, stressing that the reforms are designed not only to stabilise the local currency but also to assert Ghana’s sovereignty over its mineral wealth.

Economic impact

He maintained that the Gold Board has already begun reversing the long-standing cycle of currency depreciation, inflationary pressures, and external borrowing.

By channelling forex inflows directly into the local economy, the Board, he said, is helping the government reduce dependence on Eurobond markets and cocoa syndicated loans.

“This is about using our God-given resources to transform our economy and improve living conditions,” he said.

Sammy Gyamfi further emphasised that the reforms deliberately prioritise Ghanaian traders in the gold sector. He explained that foreign involvement in the small-scale space is now criminalised, carrying penalties of up to 15 years imprisonment.

For local participants, licensing is now mandatory and linked directly to the Gold Board. Buyers are classified under different tiers based on capacity, with small-volume traders—many of whom operate in rural mining communities—formally recognised as essential players in the value chain.

Looking ahead

Industry stakeholders, including small-scale miners and trade associations, have hailed the reforms as a game-changer.

According to Sammy Gyamfi, the collaborative process that produced the Gold Board Act demonstrates what can be achieved when government, miners, and regulators work together.

“Within record time, we moved from concept to law to implementation, and today the results are clear. Ghana is finally asserting control over its gold wealth for the benefit of its people,” he concluded.