Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Mr. Sammy Gyamfi, has dismissed concerns over a possible conflict of interest in the operational framework of the newly established Ghana Gold Board (Goldbod).
According to him, the Gold Board’s mandate is clearly defined, structured, and modelled to ensure transparency, accountability, and non-interference in the private sector’s role within the gold trading space.
“Goldbod is not a competitor when it comes to its core mandate of trading gold — buying and exporting gold. It has no competitor in that space. So where would the conflict of interest arise?” Mr. Gyamfi quizzed in an interview on JoyNews’ Newsfile on Saturday, April 5.
Drawing a parallel with the operations of Ghana Cocoa Board (Cocobod), Mr. Gyamfi explained that just like Cocobod licenses private cocoa buying companies and provides them with seed funding to purchase cocoa on its behalf, Goldbod will adopt a similar model in the gold sector.
“Ghana is not a communist state. The government is not nationalising gold trade. The private sector will still play its role. We will license gold aggregators and buyers, advance funds to them, and they will buy gold for and on behalf of the Goldbod,” he clarified.
Mr. Gyamfi further explained that the regulatory powers assigned to Goldbod are necessary to ensure that licensed agents comply with best practices, operate within the law, and use the funds advanced to them appropriately.
He noted that the powers of inspection and monitoring, provided for under sections 44 and 45 of the Goldbod Act, simply empower inspectors to visit the premises of licensees, audit their books, and ensure compliance — similar to provisions seen in other regulatory bodies like the NCA.
“We are not going to be a player and a referee. Goldbod is not competing with any independent gold buyers. Rather, we are regulating the people we have licensed and given money to buy gold for us,” he emphasised.
Mr. Gyamfi also clarified the establishment of a tribunal under Goldbod’s regulatory framework, indicating that it is part of efforts to promote alternative dispute resolution mechanisms in the gold trade sector.
He therefore dismissed claims that Goldbod’s dual role of regulation and trade constitutes a conflict of interest, saying such claims are unfounded and based on a misunderstanding of the model.
“This issue is totally moot. No issue of conflict of interest arises here,” he added.
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