The Ghana Gold Board (GoldBod) has announced plans to establish District Gold Buying Centres across mining districts in Ghana as part of efforts to strengthen oversight and improve transparency in the country’s gold trading system.
Chief Executive Officer for GoldBod, Sammy Gyamfi, said the initiative is designed to enhance accountability, improve traceability of gold purchases and safeguard the interests of both licensed buyers and the nation.
Initially, GoldBod intended to make it mandatory for all licensed gold buyers to operate through the proposed buying centres. However, following consultations with industry stakeholders, the agency has decided to make participation optional.
Despite the revision, Sammy Gyamfi warned that the agency will intensify monitoring and take strict action against traders who fail to use the centres but engage in illegal practices such as underpricing and hoarding.
The centres are expected to function as structured gold markets where purchasing activities can be properly monitored, recorded and verified.
Sammy Gyamfi disclosed the plans while addressing members of the Ghana Association of Small-Scale Miners at Anyinam, in the Atiwa East District, during discussions on ongoing reforms being undertaken by the Gold Board.
“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. So this year we have decided to introduce some reforms to make the trading transparent and beneficial to all stakeholders,” he said.
According to him, the centres will include representatives from the Ghana Gold Board, the Minerals Commission, the relevant district or municipal assemblies, and the small-scale miners’ association.
“This is to ensure transparency and accountability in our gold trading business. And let me sound this caution: we have decided not to make it mandatory again but henceforth we will tighten our monitoring and supervision to crack the whip on anybody who engages in underpricing and hoarding,” he warned.
By centralising gold purchasing, GoldBod hopes to curb smuggling, reduce revenue leakages and improve pricing efficiency across the country’s gold value chain.
Sammy Gyamfi also announced that licensed buyers who choose to operate from the district buying centres will benefit from special incentive packages.
“Apart from the special bonuses we offer them, GoldBod has decided to add risk and transportation allowances to encourage responsible sourcing and purchasing,” he said.
Currently, Ghana’s decentralised gold buying system makes it difficult for regulators to accurately track the quantities of gold purchased from miners and verify the operational locations of licensed buyers. Authorities say the gaps have created opportunities for under-declaration and significant revenue losses to the state.
The establishment of the district buying centres forms part of GoldBod’s broader reform agenda aimed at building a transparent, accountable and internationally competitive gold trading regime in Ghana.
