Ghana Gold Board to Regulate Industry and Stabilize the Cedi
New initiative aims to formalize small-scale mining, boost foreign exchange, and support Ghana’s economic stability.
- GoldBod aims not only to regulate the small-scale mining sector effectively but also to rejuvenate the gold industry
- Sammy Gyamfi is set to play a pivotal role in these efforts.
- PMMC is the legally authorized body for grading, valuing, processing, buying, and selling precious minerals in Ghana
The government’s establishment of the Ghana Gold Board (GoldBod) aims not only to regulate the small-scale mining sector effectively but also to rejuvenate the gold industry, boost foreign exchange inflows, and contribute to stabilizing the local currency.
Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC), is set to play a pivotal role in these efforts.
He takes over the helm of PMMC, succeeding Nana Akwasi Awuah, at a crucial time for Ghana’s mining sector, which holds significant potential for economic growth.
PMMC is the legally authorized body for grading, valuing, processing, buying, and selling precious minerals in Ghana, utilizing advanced technology and expertise to determine the purity of gold, diamonds, and other precious metals.
One of Gyamfi’s key priorities will be to lead the establishment of the Ghana Gold Board, a flagship initiative under President John Dramani Mahama’s administration.
This project is aimed at transforming the management and marketing of Ghana’s gold resources and formalizing the small-scale gold mining sector, which is vital to the nation’s mining industry.
The GoldBod will be guided by the Finance Ministry, with a focus on introducing transparency and professionalism to a sector that has long faced challenges.
With gold prices projected by Databank Research to rise to between $2,500 and $3,100 per ounce by 2025 due to geopolitical tensions and potential U.S. interest rate cuts, Ghana stands to benefit significantly from foreign exchange inflows with proper management of its gold resources.
Finance Minister-designate Dr. Cassiel Ato Forson, during his vetting on January 13, 2025, highlighted that the establishment of the Ghana Gold Board is a long-term strategy to stabilize the struggling cedi. He explained, “In the long term, as a country, we need to sustainably anchor the Ghana Cedi with a number of policies. First is the establishment of the Ghana Gold Board. This will help us use gold in a way that brings in the needed forex to support the cedi in the very short term.”
