Our Strategies Have Considerably Reduced Gold Smuggling – GoldBod CEO
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., has announced significant progress in reducing gold smuggling, attributing the achievement to the transformation of the former Precious Minerals Marketing Company (PMMC) into GoldBod.
Although he acknowledged that gold smuggling still exists, Mr. Gyamfi noted that substantial progress has been made in reducing the practice under the new regulatory framework.
Speaking on Joy News’ PM Express, Mr. Gyamfi was cautious about assigning a specific figure to the reduction but maintained that the decline has been considerable.
“2%, I think, is low. I think we’ve reduced smuggling considerably. I won’t give any figures, but I think it’s come down significantly. We’ve not eliminated it; you can’t eliminate crime. It’s still there,” he said.
According to him, the gains recorded so far are the result of a combination of measures, including pricing reforms, market incentives, and strengthened enforcement mechanisms.
“But we are deploying multiple measures; competitive and transparent pricing coupled with market incentives and also enforcement, and the combination of these measures is what is giving us the results we are getting,” he explained.
Mr. Gyamfi highlighted the significant increase in gold volumes delivered through official channels as evidence that the reforms are yielding results, particularly within the artisanal and small-scale mining (ASM) sector.
“We got 104 metric tons of ASM gold in 2025; before that, in 2024, we got just about 63 tons. What is attributable to the central bank is just 45 tons. So, ASM alone is 104 metric tons, which is unprecedented,” he said.
He stated that GoldBod is targeting even higher gold volumes under the government’s National Reserve Accumulation Programme.
“This year, we are projecting under the National Reserve Accumulation Programme; we are hoping to even hit a target of over 120 metric tons. And so far, so good. So basically, that is a plan,” he said.
Since its establishment, the Ghana Gold Board has implemented measures aimed at strengthening oversight of the gold value chain, improving traceability, and encouraging more gold producers to trade through official channels.
The institution has also supported enforcement efforts against illegal gold trading activities, leading to the arrest of individuals, particularly foreign nationals, suspected of engaging in gold smuggling.
Persons apprehended in connection with such activities are subjected to legal processes, with some cases resulting in prosecution and, where applicable, repatriation.
