The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has dismissed claims that Goldbod, a state-owned institution, has been granted too much power.
According to Gyamfi, Goldbod’s exclusive role as the sole commercial buyer of gold in Ghana eliminates any potential for conflicts of interest.
Speaking on Newsfile on Saturday, 5th March, 2025, Sammy Gyamfi explained that Goldbod’s mandate is to regulate and promote the development of the gold industry in Ghana.
He emphasized that the organization’s regulatory power is designed to manage and regulate licensed gold-buying agents on behalf of the government.
“Goldbod has no competitors in the market regarding its core mandate to trade gold—specifically to buy and export gold,” Gyamfi said. “So, where would the conflict of interest come from?”
Gyamfi further clarified that Goldbod’s licensed agents buy and sell gold on its behalf, with funds provided for their operations. He stated that these provisions were designed to enhance alternative dispute resolution.
The PMMC boss emphasized that Goldbod operates within the law and does not exert disproportionate influence over political or economic matters in Ghana.
He reiterated that the organization’s primary goal is to promote the development of the gold industry.
Mr. Gyamfi’s comments come amid concerns about Goldbod’s role in the gold industry. However, the PMMC boss remains confident that Goldbod is operating within its mandate and is committed to promoting the development of the gold industry in Ghana.