Govt’s Gold Board to regulate industry, help stabilise cedi

 

The government’s quest to establish the Ghana Gold Board (GoldBod) to regulate the small-scale mining sector does not only seek to achieve effective regulation but also aims to revitalise Ghana’s gold industry, enhance foreign exchange inflows and contribute to stabilising the local currency.

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Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, will be expected to play a key role in these efforts.

Sammy Gyamfi takes the helm of the PMMC, filling the boots of outgone Managing Director, Nana Akwasi Awuah.

With a legacy of excellence and responsibility on his shoulders, Sammy Gyamfi steps into the role at a time when Ghana’s mineral sector holds immense promise for economic transformation.

PMMC, the legally authorised body for grading, valuing, processing, buying and selling precious minerals in Ghana, boasts of cutting-edge technology and unmatched expertise in determining the purity of gold, diamonds and other precious metals.

Key among Sammy Gyamfi’s immediate priorities is spearheading the establishment of the Ghana Gold Board (GoldBod), a flagship initiative under the administration of President John Dramani Mahama.

This project is designed to transform the sustainable management and marketing of Ghana’s gold resources.

The GoldBod will also seek to formalise the small-scale gold mining sector, a critical component of the nation’s mining industry.

Under the guidance of the Finance Ministry, this initiative aims to inject transparency and professionalism into a sector historically confronted with challenges.

With gold prices projected by Databank Research to rise to between $2,500 and $3,100 per ounce by 2025 driven by geopolitical tensions and potential U.S. interest rate cuts, Ghana stands to gain significant forex inflows with proper management of its natural resources .

Finance Minister-designate Dr. Cassiel Ato Forson at his vetting on January 13,2025 indicated that the establishment of Ghana Gold Board will in the long run see to stabilize the struggling cedi.

In the long term as a country, we need to sustainably anchor the Ghana Cedi with a number of policies. First is the establishment of the Ghana Gold Board. This will help us use the gold in a way that brings in the needed forex to support the Cedi in the very short term,” he said.