GoldBod to Roll Out District Gold Buying Centres in Crackdown on Underpricing and Hoarding
The Ghana Gold Board (GoldBod) has announced plans to establish District Gold Buying Centres across mining districts in Ghana to strengthen oversight, enhance transparency, and improve accountability in the purchase of gold.
The Chief Executive Officer of the state agency, Sammy Gyamfi, explained that the initiative will also improve traceability and protect the interests of licensed buyers, miners, and the nation.
Initially, GoldBod planned to make it mandatory for licensed buyers to operate from these centres. However, following consultations with stakeholders, the Board has decided to make participation optional.
The District Gold Buying Centres will serve as structured gold markets where purchasing activities can be monitored, recorded, and conducted under a more transparent framework.
Addressing members of the Ghana Association of Small-Scale Miners at Anyinam in the Atiwa East District of the Eastern Region on ongoing reforms by GoldBod, Mr. Gyamfi warned that the agency will take action against persons who fail to operate through the centres but engage in practices such as underpricing and hoarding.
According to him, the move forms part of GoldBod’s broader reform agenda to build a transparent, accountable, and internationally competitive gold trading system.
“We have given them our licences and money to purchase gold for us, but there is no representation from us to monitor the purchasing agreement. So this year, we have decided to introduce some reforms to make the trading transparent and beneficial to all stakeholders,” he announced.
“These Buying Centres will have representation from the Ghana Gold Board, the Minerals Commission, the District or Municipal Assemblies, and the Small-Scale Miners Association. This is to ensure transparency and accountability in our gold trading business,” he added.
The GoldBod CEO further cautioned gold buyers, stating that although the use of the centres will no longer be mandatory, monitoring and supervision will be strengthened to deal with anyone involved in underpricing and hoarding.
By improving the structure of gold purchasing, GoldBod aims to reduce smuggling, minimise gold leakages, and enhance pricing efficiency across the gold value chain.
Mr. Gyamfi also announced special incentive packages for licensed buyers who conduct their operations through the District Gold Buying Centres.
“Apart from the special bonuses we offer them, GoldBod has decided to add risk and transportation allowances to encourage responsible sourcing and purchasing,” he explained.
The current decentralised system makes it difficult to accurately track the quantities of gold purchased from miners and verify the operational locations of licensed buyers, creating opportunities for under-declaration, reduced accountability, and revenue leakages.
