The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has underscored the pivotal role of the newly established board in the government’s broader strategy to revitalise the Ghanaian economy.
Speaking at the Mining in Motion Summit on Monday, 9th June, Mr Gyamfi described the GoldBod as an integral part of President John Dramani Mahama’s economic recovery agenda, particularly in light of recent economic setbacks.
“The president made it clear right from the outset that the GoldBod was central to his economic revitalisation agenda,” Mr Gyamfi stated.
He explained that with Ghana’s conventional sources of foreign exchange dwindling, it became essential to identify innovative local mechanisms to bolster the economy.
“We had to think outside the box and work with the central bank to explore local opportunities, and one of that is the Gold for forex programme of the Bank of Ghana,” he added.
According to him, the GoldBod will focus on increasing gold purchases and legal exports as a way of boosting foreign reserves, seen as critical to stabilising the cedi and strengthening the economy.
Mr Gyamfi further noted that the establishment of GoldBod was not a unilateral government decision, but rather the outcome of broad consultations.
“We didn’t sleep; we worked with various stakeholders to develop what some have said is one of the best laws we have as a country—the GoldBod Act 2025 (Act 11),” he stated.
He emphasised that the process involved collaboration with civil society organisations, traditional authorities (nananom), small-scale miners, traders, and the media.