Sammy Gyamfi is the CEO of GoldBod

The Ghana Gold Board has issued a stern warning to individuals trading gold without a license, following GhanaWeb’s recent documentary, which uncovered numerous shops in Wassa-Akropong operating without the necessary permits.

The documentary, titled "The Gold Market That Fuels Galamsey," highlighted the proliferation of unlicensed gold shops in the Western Region town, where the lucrative nature of gold trading has driven widespread illegal small-scale mining.

Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has warned that anyone trading gold without a valid GoldBod license will be arrested and prosecuted.

Addressing journalists on June 30, 2025, Gyamfi stated, “If you are not licensed by the Ghana Gold Board, you are committing a crime if you buy gold or engage in any form of gold trading.”

He emphasised that traders holding licenses under the now-defunct Precious Minerals Marketing Company (PMMC) regime can no longer operate unless they reapply under the new GoldBod system.

“We will no longer continue to recognize licenses issued under the old regime,” he added.

On compliance, Gyamfi noted that President John Dramani Mahama is set to inaugurate the GoldBod Taskforce to clamp down on illegal gold trading, gold smuggling, and price distortions in the gold market.

“With the establishment of the Gold Board and the integration of the task force under the direction of President Mahama and the Minister of Finance, we hope to intensify the fight against smuggling. The approach so far has been ad hoc. We have been relying on national security personnel on a temporary basis.

“So, you realise that anytime we deploy national security, the market becomes disciplined. But when they are withdrawn, illegal activities quickly resume,” he said.

Sammy Gyamfi stressed that the new task force will be permanent and will serve as a constant enforcement presence in the gold market.

“This time around, we are not going to recall them. We will have a permanent, standby force protecting the national interest, ensuring that everyone trading in gold is licensed.

“To have a license means we have your data, we’ve conducted the necessary due diligence on you, we know the source of the funds you’re using to trade in gold, and we can confirm that it’s clean money, not connected to money laundering or terrorism financing,” he explained.

According to Gyamfi, these initiatives form part of the government’s broader agenda to combat illegal mining and safeguard the environment.

Background

There have been significant attempts by both past and present governments to clamp down on illegal mining, popularly known as galamsey, across parts of the country.

While various efforts and measures have been introduced to address the issue, the fight appears far from over and may well continue under future administrations.

One of the key drivers of this persistent problem is likely the existence of numerous gold-buying shops that provide a ready market for illegally mined gold, creating continuous demand that fuels the practice.

In Wassa Akropong alone, GhanaWeb’s documentary team identified over seven gold-buying shops operating in the area.

In the documentary titled “The Gold Market That Fuels Galamsey,” most of these shops appeared eager and ready to buy gold from anyone who walked in.

There was no effort made, nor any apparent interest shown, in verifying whether the gold came from licensed sources.

The process was simple: hand over the gold and get paid.

Among the gold-buying shops GhanaWeb discovered were: China Market Gold Buying Agent, Amanone Gold Refinery, Champion Gold Refinery, Nyame Na Ayɛ Gold – High Price, Anane Gold Buying Agent, High Price Gold Refinery Base, Givers Never Lack Gold Buying Agent, among others.

In an exclusive interview with the Public Relations Officer of GoldBod, Prince Minkah, he said his outfit is cracking down on all illegal gold traders.

"Before you can deal in gold in Ghana, you must obtain one of our licenses. That is our way of curbing all forms of illegalities," he told GhanaWeb.

GhanaWeb Special: The gold market that fuels galamsey

SSD/MA