The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has said some of the agency’s more than 700 licensed gold buyers across the country may be purchasing gold from illegal miners despite legal restrictions requiring them to deal only with licensed small-scale miners.
He made the admission on Saturday, October 11, 2025, during a live interview on TV3’s Key Points programme, while defending GoldBod against claims that 85 per cent of its gold purchases originate from illegal mining sources.
“We know that there are over 700 licensed buyers of the Gold Board across the length and breadth of Ghana. Some of them may at some point be doing the wrong thing,” Mr Gyamfi said.
He was responding to claims by Kofi Bentil, who alleged that most of GoldBod’s small-scale gold purchases were linked to illegal mining operations.
Mr Sammy Gyamfi rejected the allegation, describing it as “totally false.” He maintained that GoldBod, by law, deals only with licensed miners.
“The Gold Board, by law and by policy, does not deal with illegal miners. We deal with licensed small-scale miners through the Ghana National Association of Small-Scale Miners and the Concerned Small-Scale Miners Association,” he stated.
He explained that the Ghana Gold Board was established under Act 1140, passed by Parliament in 2025, which mandates the agency to buy gold solely from licensed sources. According to him, GoldBod currently purchases 20 per cent of its gold from seven large-scale mining companies and also buys from over 2,000 licensed small-scale miners nationwide.
Mr Gyamfi acknowledged that monitoring the hundreds of licensed buying agents across the regions remains a challenge.
“Gold is bought in offices in district and regional capitals, not directly from mining sites. So when a buyer in Koforidua receives gold nuggets or powder, that person may not have the technology to confirm whether the seller is licensed,” he said.
To address this gap, he revealed that President John Dramani Mahama has directed GoldBod to establish a full value chain track-and-trace system under Section 31X of the Gold Board Act.
“We have given timelines that by the first quarter of next year, we will have a track-and-trace system, which has never happened since Ghana became Ghana. This system will allow us to trace every gram of gold produced in Ghana and purchased by the Gold Board to its source,” he said.
The GoldBod CEO defended the current administration’s management of gold purchases, contrasting it with what he described as weak oversight during the previous government’s Gold for Oil and Gold for Forex programmes.
“When Kofi Bentil’s political mentor, Bawumia, introduced the Gold for Oil and Gold for Forex programme, I didn’t hear him ask Bawumia or the Bank of Ghana where they were buying gold from,” Mr Gyamfi said.
He added that GoldBod is supporting the Minerals Commission with funds and logistics to help combat illegal mining, arguing that the agency would not be funding anti-galamsey operations if it were involved in buying illegal gold.
“We are giving financial and logistical support to the Minerals Commission to fight illegal mining. Why would we do that? Can a kingdom divided against itself stand?” he asked.
When pressed by host Alfred Ocansey on whether licensed buyers were breaching the law, Mr Gyamfi said no regulatory system is flawless.
“My brother, are you aware of any perfect system anywhere in the world? You cannot have a perfect system anywhere in the world,” he replied.
He said the new track-and-trace system would help GoldBod identify non-compliant buyers, isolate questionable gold, and ensure adherence to all legal provisions.
“That is why we are introducing the track-and-trace system the President has been talking about. We will be able to fish out offenders, segregate the gold, and ensure total compliance,” he said.
Mr Gyamfi added that GoldBod operates transparently, noting that the terms and conditions for its licences are publicly available on its website, and they explicitly prohibit gold purchases from illegal miners.
