Sammy Gyamfi, acting CEO of Ghana’s Precious Mineral Marketing Company (PMMC), has dismissed claims of a conflict of interest in the Ghana Gold Board’s (GoldBod) dual role as a commercial entity and regulator.
The rebuttal follows criticism from former Finance Minister Dr. Mohammed Amin Adam, who warned that merging regulatory and commercial functions risks undermining oversight in the gold sector.
Speaking at a press briefing in Accra, Gyamfi clarified that GoldBod—established to replace the PMMC as Ghana’s centralized gold trading authority—operates as a state monopoly and regulates only its licensed agents, not external competitors. “The regulatory powers of GoldBod ensure compliance by its own agents to fulfill its mandate, not to oversee rival entities,” he said. “This structure eliminates any conflict of interest.”
Dr. Adam had earlier argued that global best practices demand separating regulatory and commercial roles to prevent bias. “Combining these functions creates inherent conflicts,” he stated, referencing GoldBod’s authority to both trade gold and enforce compliance through quasi-judicial powers.
GoldBod’s creation aims to streamline Ghana’s gold exports under state control, centralizing a sector previously fragmented among private buyers. Critics, however, fear the model could distort market dynamics by granting the board monopolistic advantages. Industry stakeholders have questioned whether GoldBod’s oversight of its agents might indirectly influence broader market competition.
Gyamfi emphasized that GoldBod’s mandate focuses on maximizing state revenue and curating foreign exchange reserves through direct gold exports. “Our regulatory scope is internal—ensuring agents adhere to operational standards,” he added, noting the board does not set policies for private sector competitors.
The debate underscores tensions in Ghana’s push to assert greater control over its gold resources, which account for 49% of national export earnings. GoldBod’s proponents argue centralized trading will curb illegal mining and revenue leaks, while skeptics warn of reduced private investment and transparency risks.
As the government finalizes regulations to operationalize GoldBod, sector players await clarity on how the board’s dual roles will coexist with existing market frameworks. The outcome could reshape Ghana’s position as Africa’s second-largest gold producer, balancing state interests with global trade competitiveness.
