a. The GoldBod is not merely a rebranded version of the defunct PMMC, but rather, a substantive upgrade.

b. The scope of the GoldBod’s mandate, rights, powers and functions is far more extensive than that of the defunct PMMC.

c. Whereas the PMMC was a company limited by shares with the main object of making profit for its shareholder, the GoldBod is a strategic public corporation with the mandate of generating foreign exchange for the country and supporting gold reserve accumulation by the BoG.

d. Also, whereas the PMMC had no exclusive rights over local ASM gold purchases and competed with private gold exporters, mostly foreigners, and other state entities such as MIIF, in buying ASM gold, the GoldBod has an exclusive right to purchase all ASM gold in Ghana through its licensed traders.

e. Again, whereas the PMMC had no market regulation and enforcement powers over the ASM gold trade sector, the GoldBod has enormous regulation and enforcement powers over the ASM gold market and maintains a standing Task Force that combats gold smuggling and illegal gold trading on a day-to-day basis.

f. Additionally, whereas the PMMC had no buying rights over the gold output of large-scale mining firms, the GoldBod has the right to buy a portion or all of the gold produced by large-scale mining firms through the exercise of government’s preemption rights.

The claim that the GoldBod is merely a rebranding of the PMMC is therefore false.