By Ghana’s new Gold Board could inject up to $250 million into the economy every week. This statement comes from Sammy Gyamfi, Acting Managing Director of the Precious Minerals Marketing Company (PMMC).
Mr Gyamfi gave an interview to Accra-based Joy FM on Thursday, March 20 2025. He revealed that the Finance Ministry has committed to providing approximately GH₵4 billion weekly. This amount is to purchase three tonnes of gold from small-scale miners.
“If we are able to buy these three tonnes, it means every week the Gold Board will bring in at least $250 million. This amount will be brought into the country. Every week, the Gold Board will be able to bring into the country at least $250 million. This amount would significantly impact our economy,” he said.
The initiative is part of government efforts to stabilise the national currency and boost foreign exchange reserves.
Mr Gyamfi stated that the Gold Board will ensure 100% of foreign exchange earnings return to Ghana. This will happen within three to four days. This is a change from the current 30-day window, which many traders fail to honour.
He described the existing system as chaotic. There are multiple agencies, including the Bank of Ghana and the Minerals Income Investment Fund (MIIF), involved. Private exporters, mostly foreign-owned, are also competing in the market.
“We currently have a chaotic system. This system fuels the smuggling,” he said, adding that Ghana exported $11.5 billion worth of gold in 2024. However, a significant portion of the foreign exchange earnings never returned to the country.
Under the new system, the Gold Board will be the sole exporter of gold from small-scale mining operations. Licensed Ghanaian agents will buy directly from miners using funds advanced by the Gold Board.
“No foreigner and I repeat, no foreigner. Whether Indian or Chinese, they will not have the right to buy gold from a miner. This will be enforced after the Gold Board begins operations,” Mr Gyamfi declared.
He added that the 61 current export licence holders will face new restrictions. Most of these holders are foreign nationals. They would no longer be permitted to export directly.
He also disclosed that the Gold Board would advocate for value addition to Ghana’s gold exports. Currently, these exports are shipped primarily as dore bars without refinement.
“It is sad. As a country that was once known as the Gold Coast, we are currently the leading gold exporter in Africa. Yet, we can’t sell gold from small-scale mining to the LBMA (London Bullion Market Association). We only sell to India and Dubai at discounts,” he said.
The Gold Board Bill is currently before Parliament. It will establish a regulatory structure with stricter enforcement powers. These include inspectors with the authority to seize smuggled gold and conduct searches.
Meanwhile, the government has already scrapped the 1.5% withholding tax on gold exports. President Mahama’s administration believes this change will make the new system more competitive against smugglers.
Industry analysts believe the Gold Board could reshape Ghana’s gold trade. It could also strengthen the cedi. This would reduce reliance on foreign imports.
