The Acting Managing Director of the Precious Minerals Marketing Corporation (PMMC), Sammy Gyamfi, has stated that the operations of the newly established GOLDBOD is not the same as the botched Agyapa deal.
According to Sammy Gyamfi, the Agyapa deal which sparked debate during the Akufo-Addo administration, differs significantly from GOLDBOD in both structure and function.
Speaking on the Joy Newsfile programme on Saturday, he noted, Agyapa was a government-driven plan designed to monetize Ghana’s mineral royalties for a period of 15 years.
Goldbod, on the other hand, is a Ghanaian government-owned entity with a straightforward mandate. Unlike Agyapa, Goldbod’s mission is much more immediate and practical: buying gold, assaying it, and exporting it — all within Ghana.
“Goldbod is here in Ghana; wholly owned by Ghana. [The] Ghana government is giving us money to buy gold and export and bring the dollars in within a period of three to four days for every three cycles,” he stated.
Too much power
Furthermore, Gyamfi strongly rejected claims that Goldbod is being granted excessive power. He emphasized that Goldbod’s operations are unique and unparalleled in their specific mandate of gold buying and exporting, leaving no room for potential conflicts of interest.
“Goldbod has no competitor when it comes to its core mandate — buying, assaying, and exporting gold,” Gyamfi said. “So where would the conflict of interest arise?”
“Let’s understand why Ghana needs Goldbod; Gold is a precious mineral we’ve been endowed with as a country over the years. We all agree that as a nation, we’ve not derived the necessary benefit we ought to derive from it. That is because govt has not taken keen interest in the trading of that precious mineral called gold. Our focus has been on royalties and taxes but in terms of how gold is traded and how the state can maximise from that, we’ve not done it…What President Mahama is saying is that let’s have a commodity board for gold and other precious minerals so that the state can get the needed benefits,” he added.
Background
The Ghana Gold Board, also known as GoldBod, was established by former President John Dramani Mahama as part of his administration’s economic revitalization agenda. The Ghana Gold Board is poised to play a pivotal role in formalizing the small-scale gold mining sector by ensuring better regulation, providing support services, and promoting sustainability within the industry. This initiative is in line with the Mahama administration’s broader strategy to enhance the extractive sector and optimize revenue from gold exports.
