With galamsey still ongoing, who is buying the gold? – Oppong Nkrumah questions gov’t

According to the MP, the new Gold Trading Act grants the Ghana Gold Board (GoldBod) the exclusive legal authority to export gold from Ghana.

GoldBod, which is headed by Sammy Gyamfi, has however denied claims that it purchases gold from illegal miners. In a set of frequently asked questions, GoldBod stated that it does not buy gold directly from miners.

The board explained that all gold it handles is sourced through licensed aggregators and approved intermediaries, in line with its regulatory mandate.

GoldBod further cited Section 3(1)(f) of Act 1140, which mandates the board to promote the formalisation of small-scale mining through responsible sourcing, sustainable supply chains, gold traceability, and compliance with international standards. Section 3(1)(g) of the same Act, it added, also requires the promotion of environmentally responsible mining practices.

Speaking in an interview with Akwasi Nsiah, host of Badwam on Adom TV, Kojo Oppong Nkrumah said that while GoldBod has publicly denied buying gold from illegal miners, the critical question remains unanswered.

“If GoldBod is not buying galamsey gold, then who is buying it?” he asked.

He noted that government has announced measures to curb gold smuggling and has claimed it now has full control over gold exports. However, he argued that recent developments raise serious concerns.

Mr. Oppong Nkrumah alleged that proceeds from illegally traded gold are being used to shore up the economy, pointing to the recent appreciation of the cedi against major foreign currencies.

He observed that while large-scale mining companies have recorded only marginal increases in production, artisanal and small-scale gold output has seen a significant spike, even as government claims to be intensifying the fight against illegal mining.

“With galamsey still ongoing and assurances of tight security against gold smuggling, the question still stands,” he stressed. “Who is buying the gold from the galamseyers?”

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