Sammy Gyamfi Reflects on GOLDBOD’s Transformation | Discuss Ghana

On Wednesday, March 25, 2026, the CEO of the Ghana Gold Board (GOLDBOD), Sammy Gyamfi, Esq., highlighted the "monumental effort" required to sanitize Ghana's small-scale gold sector. Speaking at a stakeholders' forum in Kumasi, he described the industry’s journey from a "chaotic frontier" to a cornerstone of national economic stability.

Gyamfi credited the GOLDBOD Act (Act 1140) and aggressive licensing reforms for ending the era where gold wealth "bled out into the shadows" through smuggling and informal trade.

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Solving the "Chaotic" Sector

Gyamfi explained that before the establishment of GOLDBOD in April 2025, the artisanal and small-scale mining (ASM) sector lacked central oversight, allowing foreigners to dominate the trade and export gold without repatriating forex:

License Reforms: GOLDBOD introduced a tiered licensing system for small buyers, large buyers, and aggregators, barring foreigners from participating in small-scale trading.

Centralized Authority: Under the new law, GOLDBOD became the sole authority with exclusive rights to buy, assay, and export gold from the ASM sector.

Traceability: The CEO noted that by shifting from "informality to institution," Ghana can now trace gold to specific concessions, meeting international standards for responsible sourcing.

The "GOLDBOD Effect" (2025–2026 Results)

The reforms have produced what Gyamfi called a "seismic shift" in national revenue:

Metric	Before Reforms (2024)	After Reforms (2025)
ASM Gold Output	63 tonnes	104 tonnes
Export Revenue	~$4.6 billion	$10.8 billion
Cedi Impact	Sharp depreciation	35% appreciation (YTD 2025)
Reserves	Struggling	Target met ahead of schedule

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What’s Next for 2026?

As GOLDBOD prepares to take full operational control later this year, Gyamfi announced new measures to tighten the grip on the sector:

District Buying Centres: Rolling out structured markets in mining districts to stop underpricing and hoarding.

Blockchain Tracking: A "Track and Trace" system will be fully deployed by the end of 2026 to ensure every gram of gold is documented.

Local Value Addition: Effective March 2026, GOLDBOD has begun selling standardized gold weights (7.75g to 31g) directly to licensed local jewellers to boost the domestic industry.

"GOLDBOD was not a mere administrative facelift; it was a national experiment in sovereignty. We turned the dust of our earth into the bedrock of our recovery." — Sammy Gyamfi, Esq., March 2026.