GoldBod CEO Courts Global Investors for Gold Refining and Jewellery Ventures
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has made a passionate appeal to international investors to explore emerging opportunities in Ghana’s gold refining, jewellery manufacturing, and broader value-addition sectors.
Speaking at the opening of the Mining In Motion Summit at the Kempinski Hotel in Accra, Mr. Gyamfi emphasized that Ghana’s gold industry is evolving beyond raw extraction and is now focused on building an integrated, value-driven supply chain that directly benefits Ghanaians.
“Foreigners may apply for a license from the GoldBod to establish refineries, jewellery factories, and other value-addition enterprises,” he announced. “The door is wide open for serious investors who are ready to partner with Ghana for mutual growth.”
He noted that Ghana is repositioning itself not just as Africa’s leading gold producer, but as a value-added gold hub.
“We are inviting the world to look beyond digging for gold,” he said. “Join us in refining, processing, and producing world-class gold products right here in Ghana.”
Transforming Ghana’s Gold Sector
Mr. Gyamfi highlighted ongoing legislative and structural reforms that are restoring order and profitability to the country’s gold value chain. He lamented that for years, poor regulation in the gold trade had prevented the country from reaping the full benefits of its resources.
“This disconnect may be likened to a butcher who is starved of protein,” he remarked.
The establishment of GoldBod, he said, marks a turning point in Ghana’s gold governance.
“GoldBod is the central state agency mandated by law to oversee, regulate, and engage in the buying, selling, assaying, refining, and exportation of gold. It is the sole buyer and exporter of all artisanal and small-scale gold in Ghana.”
In just four months—February to May 2025—GoldBod recorded purchases and exports of gold from the artisanal and small-scale mining (ASM) sector worth over GH¢40 billion (approximately $4 billion).
“For the first time in history, gold exports from the ASM sector have surpassed those from large-scale mining,” Gyamfi revealed.
In May alone, GoldBod exported 11 tonnes of ASM gold, valued at $1.172 billion.
“This demonstrates the enormous potential of the artisanal mining sector when properly regulated,” he said, quoting President John Mahama: “Artisanal miners are not enemies of the state. When trained and supported, they can be allies of development.”
Strengthening Compliance and Traceability
Mr. Gyamfi said GoldBod has introduced robust controls to curb smuggling, enhance transparency, and capture greater revenue. A new licensing regime now covers every player in the gold supply chain—from aggregators and refiners to exporters and transporters.
“All licensees must adhere to a strict code of responsible sourcing and undergo continuous due diligence,” noted Dr. Toni Aubynn Mortoti, Chair of GoldBod’s Board. He emphasized that the new framework aligns with international standards on anti-money laundering and counter-terrorism financing.
Looking ahead, GoldBod plans to implement a digital traceability system by the end of 2025.
“Every gram of gold will be traceable—from mine to market,” Mr. Gyamfi said. “This will enhance market access and increase the global value of Ghana’s gold.”
A Call for Legal and Transparent Partnerships
Reaffirming Ghana’s openness to international collaboration, Mr. Gyamfi encouraged foreign investors to partner with licensed Ghanaian gold aggregators or apply to off-take gold through GoldBod.
“However, all transactions must follow legal and transparent processes. The GoldBod Act strictly prohibits foreigners from purchasing gold directly from the local market.”
In conclusion, the GoldBod CEO said Ghana stands on the brink of a gold-led economic transformation and is determined to build a legacy of lasting impact.
“We are not resting on our laurels. We are determined to fly higher. This journey has only just begun.”
Credit: Abubakar Ibrahim
