Gold Board to Establish District Buying Centres to Combat Underpricing and Hoarding
The Ghana Gold Board (GoldBod) is set to roll out District Gold Buying Centres across mining districts in Ghana to enhance oversight, transparency, and accountability in the purchase of gold. The move is aimed at protecting both licensed buyers and the national interest.
According to Sammy Gyamfi, Chief Executive Officer of GoldBod, the centres will serve as structured gold markets where purchasing activities can be monitored and recorded. Initially, it was planned to make it mandatory for licensed buyers to trade from these centres, but after consultations, it has been made optional.
The centres will have representation from GoldBod, the Minerals Commission, the District or Municipal assemblies, and the Small-scale Miners association to ensure transparency and accountability.
Sammy Gyamfi warned that GoldBod will crack down on individuals who engage in underpricing and hoarding, stating, “We have given them our licenses and money to purchase gold for us, but there is no representation from us to monitor the purchasing agreement. This year, we have decided to introduce reforms to make trading transparent and beneficial to all stakeholders.”
The move is part of GoldBod’s broader reform agenda to build a transparent, accountable, and internationally competitive gold trading regime. By centralizing gold purchasing, GoldBod aims to curb smuggling, reduce leakages, and improve pricing efficiency across the gold value chain.
Sammy Gyamfi pledged special incentive packages for licensed buyers who trade from the District Buying Centres, including risk and transportation allowances to encourage responsible sourcing and purchasing.
The current decentralized system has made it challenging to track gold quantities purchased from miners and verify licensed buyers’ operational locations, creating room for under-declaration and revenue leakages.
