Bright Simons is the Vice President of IMANI Africa

The Vice President of IMANI Africa, Bright Simons, has reiterated that Ghana's current high export rates are due to the increase in gold prices on the global market, rather than the establishment of the Ghana Gold Board or due to some new government policies.

According to him, GoldBod is one of the most complex entities ever set up in Ghana, therefore, to be effective, it needs the most tuned-up management system.

He made the comments on the back of the model Goldbod uses in setting the prices at which they buy gold.

The CEO of GoldBod, Sammy Gyamfi, told the press that Ghana's gold exports in the first six months of 2025 have already surpassed the total gold exports recorded for the entire year of 2024.

He noted that over 50 tons of gold from small-scale miners have been exported since the establishment of the GoldBod.

Addressing a press conference on June 30, 2025, Gyamfi stated; "You know that in the whole of 2024, gold exports for the entire year stood at 66 tons, with an export value of $4.6 billion. We've done only six months, and yet we've crossed the $4.6 billion we achieved in the whole of 2024. We've gone beyond $5 billion.

"In terms of volume, we are also approaching the 66-ton mark. We've already done over 50 tons, and we are optimistic that by the end of next month, we will have hit 60 tons."

But Simons said the claim is not entirely accurate.

In a post on X on July 3, 2025, he said; "It is also very important that people realise that the gains recorded by Ghana on the gold export market from January till date were as a result, largely, of higher gold prices & NOT govt policy. The GoldBod has only now issued licenses. It is not responsible for the boost in export volume and value between January and July 2025.

"Thus, until this week, the export trade has been in the hands of the same companies that have been dominating the sector all this while and operating according to the same rules in place in 2024 (e.g. export of gold had not been restricted only to GoldBod)."

The policy analyst noted that the effectiveness of GoldBod will now be seen as it has announced an end to all old gold trading licenses issued under the Precious Mineral Marketing Company (PMMC) and deems it illegal and an offence to trade with them.

"It is only now that we are going to start seeing the REAL EFFECTS of the GoldBod, especially if it goes ahead and invalidates the licenses of all existing exporters and restricts trading solely to freshly licensed players according to the new rules introduced by the new law.

"In fact, we have some evidence that a not insignificant part of the considerable increase in export volumes in the last 4 months is due to current players rushing to process stockpiles and export gold before the new rules set in," he added.

He concluded by noting that the efficacy of the operations of the GoldBold must hinge on transparency.

"It goes without saying that transparency would be hugely critical going forward so that we can monitor the GoldBod's performance and gauge the effectiveness of the new law.

"I won't pretend that I am not worried. When government intrudes so aggressively into a market that has long evolved to suit private players, one must always be anxious. For now, though, we are giving the govt the benefit of the doubt. Until they give us reason to doubt," Simons noted.

SSD/AE

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