The Chief Executive Officer of the Ghana Gold Board (Goldbod), Mr. Sammy Gyemfi, has strongly refuted claims that the majority of gold purchased by the Board comes from illegal small-scale miners.
Speaking on TV3’s Viewpoint programme monitored by Kumasimail in response to comments made by policy analyst Kofi Bentil, Sammy Gyemfi described the allegations as “totally false” and misleading.
Mr. Bentil had alleged that about 80% of gold bought by Goldbod was sourced from illegal mining operations a claim the Goldbod CEO says has no factual basis.
“It is categorically false to say that Goldbod buys gold from illegal miners,” Mr. Gyemfi stated. “By law and by policy, we only deal with licensed and legally recognized small-scale miners. We have no dealings whatsoever with ‘galamsey’ operators.”
He explained that under Ghana’s mining regulations, Goldbod is mandated by law to purchase gold exclusively from legitimate sources including large-scale mining companies and licensed small-scale miners under recognized associations such as the Ghana National Association of Small-Scale Miners and the Concerned Small-Scale Miners Association.
According to Mr. Gyemfi, Ghana currently has over 2,000 licensed small-scale mining firms, all of whom operate under strict regulatory oversight.
He further clarified that 85% of gold purchased by Goldbod comes from Balancer, a certified source within Ghana’s formal mining structure, and the remainder from approved domestic producers.
“The Gold Board was created by an Act of Parliament passed in 2025. That law clearly mandates the institution to buy and manage gold within a transparent and traceable framework. Every gram of gold purchased is fully recorded and accounted for,” he emphasized.
Mr. Gyemfi added that Goldbod also buys a percentage of gold from seven large-scale mining companies operating in Ghana, in line with national policy to strengthen gold reserves and stabilize the economy.
“When the government decided to establish Goldbod, it was to ensure that gold purchases were done legally, transparently, and in accordance with institutional frameworks — unlike the informal systems that existed before,” he explained.
He urged the public to disregard misinformation surrounding Goldbod’s operations, emphasizing that such claims undermine the institution’s credibility and Ghana’s efforts to formalize the small-scale mining sector.
“Mr. Bentil should not be allowed to get away with such falsehoods. Our operations are governed strictly by law, transparency, and accountability,” Mr. Gyemfi concluded.
Goldbod, established in 2025 through an Act of Parliament, is mandated to regulate, purchase, and manage Ghana’s gold resources to support the country’s economic development initiatives, including the government’s gold-for-oil and gold-for-reserves programmes.
Source :www.kumasimail.com
