The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has issued a strong warning against the growing practice of gold hoarding by some licensed buyers, describing it as a major threat to Ghana’s foreign exchange inflows and economic stability.
Speaking at a high-level consultative meeting with members of the Licensed Gold Buyers Association at the University of Professional Studies, Accra (UPSA) on February 13, Mr. Gyamfi said hoarding has led to a noticeable decline in gold volumes accumulated for export, despite the sector’s impressive performance last year.
He revealed that gold exports from the Artisanal and Small-Scale Mining (ASM) sector rose significantly from 63 tonnes in 2024 to 104 tonnes in 2025, generating approximately US$10.8 billion in export revenue. According to him, the surge in exports contributed substantially to Ghana’s foreign exchange reserves and supported recent currency stability.
However, he expressed concern that some buyers are withholding gold in anticipation of price or commission increases, undermining the commission-based purchasing model introduced to ensure steady supply to GoldBod.
“Hoarding is one of the biggest challenges we are confronting because we have observed a significant reduction in the volumes accumulated for export,” he stated, warning that the practice disrupts the system and weakens the country’s ability to build reserves and secure consistent foreign exchange inflows.
In response, Mr. Gyamfi announced plans to establish GoldBod District Gold Buying Centres across mining districts between May and June, following further stakeholder consultations.
The centres will serve as structured gold markets where all purchasing activities can be properly monitored and recorded.
He explained that the current decentralized system makes it difficult to accurately track the quantities of gold purchased from miners and verify the operational locations of licensed buyers, creating room for under-declaration and revenue leakages.
The proposed district centres, he said, will strengthen oversight, enhance transparency and accountability, improve traceability, and protect both licensed buyers and the national interest.
While cautioning against hoarding, the CEO assured buyers that government’s objective is not to disrupt their businesses but to strengthen the gold trading framework to ensure it works efficiently and maximizes national benefits.
The engagement formed part of GoldBod’s broader reform agenda aimed at building a transparent, accountable, and internationally competitive gold trading regime.
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Source: www.myjoyonline.com