In a significant move to regulate and streamline Ghana’s gold export industry, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, revealed the introduction of the GoldBod framework. This new framework will give a single state-backed entity exclusive authority to export gold from the country, a step aimed at addressing the unregulated gold export sector and improving the nation’s economic standing.
Speaking on JoyNews PM Express on Tuesday, March 25, Gyamfi emphasized that the current unregulated nature of Ghana’s gold exports has led to substantial losses in foreign exchange, directly contributing to the depreciation of the Ghanaian Cedi. The lack of structure in the gold export market has prevented the country from receiving the full value of its gold resources, which has negatively impacted the nation’s economic performance.
“The unstructured, unregulated system led to a situation where we were not getting the foreign exchange we are supposed to get as a nation from the gold we export from Ghana,” Gyamfi said. He further explained that the GoldBod framework will provide a much-needed structure, ensuring the country maximizes its gold revenue and minimizes financial losses.
Under the GoldBod initiative, the state-backed entity will manage and oversee the export of all gold, which will ensure that proper procedures and regulations are followed. The new framework is expected to increase the transparency of gold exports, making it easier to track sales, and consequently, boosting foreign exchange earnings for Ghana.
This initiative comes at a crucial time, as Ghana’s economy continues to face challenges, including the depreciation of its currency. Gold remains one of the country’s primary exports, and improving the management of this valuable resource is seen as a key solution to enhancing the nation’s financial stability.
Gyamfi stressed that the GoldBod framework aligns with the government’s broader vision of improving transparency, boosting investor confidence, and stabilizing the Ghanaian economy. As gold exports represent a major part of the country’s foreign exchange earnings, the move is expected to positively impact the country’s financial outlook, increasing both economic growth and national wealth.
The introduction of the GoldBod framework marks an important milestone in Ghana’s effort to better manage its gold sector, ensuring that the country maximizes the full potential of its mineral resources for long-term economic prosperity.