Yesterday, Sammy Gyamfi shot down rumors about the Ghana Gold Board. He made clear that the board will not act as both a rule maker and a market competitor, as some critics claimed. Gyamfi runs the Precious Minerals Marketing Company right now and helps set up the new gold agency. He posted on Facebook and Twitter that people misunderstood what Goldbod actually does.
The board works as the only company allowed to trade and ship gold out of Ghana, Gyamfi explained. Any rules it makes only affect agents who have already signed up to work under its banner. These rules make sure everyone follows the same standards when they sell gold through official channels. The board has zero power over other companies in the gold business.
Gyamfi stressed this point several times in his March 30 social media message. He said the board cannot regulate any competitors because it technically has none. It simply oversees people who agreed to represent it. This setup means that fairness issues do not exist between the board and other market players, according to Gyamfi.
Just two days earlier, lawmakers approved the Gold Board Bill for 2025. The new law creates this special agency to watch over gold mining and selling across Ghana. The government hopes this change will bring more money into the country from foreign buyers and make gold sales easier to track from mines to international markets.
The board works as the only company allowed to trade and ship gold out of Ghana, Gyamfi explained. Any rules it makes only affect agents who have already signed up to work under its banner. These rules make sure everyone follows the same standards when they sell gold through official channels. The board has zero power over other companies in the gold business.
Gyamfi stressed this point several times in his March 30 social media message. He said the board cannot regulate any competitors because it technically has none. It simply oversees people who agreed to represent it. This setup means that fairness issues do not exist between the board and other market players, according to Gyamfi.
Just two days earlier, lawmakers approved the Gold Board Bill for 2025. The new law creates this special agency to watch over gold mining and selling across Ghana. The government hopes this change will bring more money into the country from foreign buyers and make gold sales easier to track from mines to international markets.
