GoldBod CEO Makes Major Revelation Before Parliament About Ghana’s Gold Dollars

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that the institution has received authorisation and guidance from the Bank of Ghana (BoG) to sell foreign exchange generated through its statutory operations.

Appearing before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, Mr Gyamfi clarified that GoldBod does not engage in currency trading but generates foreign exchange through its gold-related activities and sells the proceeds to the central bank.

He said the Board remained on course to meet or surpass its 2025 gold purchasing and export performance while significantly increasing its foreign exchange earnings.

Mr Gyamfi explained that GoldBod continued to fulfil its mandate of generating foreign exchange, supporting the accumulation of Ghana’s national reserves and regulating the country’s gold trading sector.

He also highlighted progress in adding value to Ghana’s gold resources through local refining before export, noting that an estimated 80 to 90 per cent of the gold purchased and exported by the Board was now refined domestically.

According to him, the shift towards local refining was helping to create employment opportunities for Ghanaians, particularly young people, while ensuring that refining fees remained within the domestic economy instead of being paid to facilities abroad.

Mr Gyamfi further explained that the local refining industry operated around the clock, providing jobs and contributing to economic activity.

He said retaining more stages of the gold value chain within Ghana was helping the country derive greater economic benefits from its mineral resources.

He added that silver recovered as a by-product of gold refining was also being retained locally.

This, he said, generated additional economic value and supplied raw materials to Ghana’s fabrication industry.

The GoldBod CEO maintained that the expansion of domestic refining and the retention of valuable by-products were supporting industrial development, creating employment and strengthening the country’s capacity to benefit from its gold production.

Source: https://3news.com/news/goldbod-doesnt-trade-currency-were-are-a-major-foreign-exchange-earner-for-ghana-sammy-gyamfi

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