Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has addressed concerns and clarified the process surrounding the establishment of the Ghana Gold Board (GoldBod), which aims to address the challenges facing the local currency. Gyamfi emphasized that the creation of the GoldBod was a meticulous process, involving extensive consultations with various stakeholders over a period of approximately 68 days, following the Finance Minister's directive.

Gyamfi refuted claims that the GoldBod Bill was rushed, providing a detailed account of the steps taken to ensure a comprehensive and inclusive approach. He highlighted the importance of broad consultations in developing a legal and operational framework that is fit for purpose.

According to Gyamfi, the process began with his appointment as Acting Managing Director of PMMC on January 16, 2025, tasked with working on the establishment of the GoldBod under the Finance Minister's guidance. Consultations with the Ghana National Association of Small Scale Miners and the Chamber of Bullion Traders, Ghana, soon followed, emphasizing the need for a broad consultative approach.

A Technical Committee was subsequently formed, comprising representatives from key stakeholders such as the Ghana National Association of Small Scale Miners, Chamber of Bullion Traders, Bank of Ghana, Minerals Commission, and Minerals Income Investment Fund. The committee engaged in a series of consultations with diverse stakeholders, including experts from the Finance Ministry and the leadership of the Ministry of Lands and Natural Resources, to define the core objectives and functions of the GoldBod.

The Legal Consultant of the GoldBod Technical Committee was then tasked with drafting legislative instructions for further stakeholder consultations. These consultations included meetings with members of the Chamber of Bullion Traders, Concerned Small-Scale Miners Association, Ghana Jewellers Association, Ghana National Association of Small-Scale Miners, the Chamber of Mines representing Large Scale mining companies, Gold Dealers under the PMMC, Gold Smiths, Bullion Transporters, and Civil Society Organizations in the Extractive Sector.

Further engagements were held with Civil Society Organizations in the Extractive Sector, where participants were briefed on the policy concept paper and draft legislative instructions for the establishment of the GoldBod, and their inputs were sought. The Technical Committee also conducted regional consultations in Akyem Tafo, Kumasi, and Tarkwa, involving Chiefs, Gold Dealers, Small-Scale miners, Bullion traders, and exporters.

Following these extensive consultations, the Technical Committee fine-tuned the policy concept paper and legislative instructions, incorporating stakeholder inputs. The draft legislative instructions and policy paper were then submitted to the Minister for Finance, who forwarded them to the Attorney-General and Minister of Justice for drafting, with drafters from the AG’s office having been involved in the stakeholder engagement process from the outset.

The draft Bill was submitted to the President, who granted Executive Approval. Subsequently, the Minister for Finance laid the Bill before Parliament, after informing the house of the government’s intention to establish the GoldBod in the 2025 Budget statement. The GoldBod Bill underwent thorough scrutiny in Parliament, with the NPP Minority side requesting adjournments to study the Bill in detail. The Joint Committee scrutinized, reviewed, and debated every clause, making several amendments.

Despite supporting the establishment of the GoldBod in principle, the NPP side sought additional meetings to propose further amendments, leading to extensive discussions and debates. While the GoldBod Bill was under consideration in Parliament, the Technical committee held another stakeholder engagement in Bolgatanga to sensitize stakeholders in the gold trading industry in the northern part of Ghana on the Bill and policy paper.

In a spirit of transparency, the Finance Minister withdrew the first Bill, incorporated all proposed amendments, and relaid the amended version. However, the NPP introduced over fifty new amendments during the second reading, prompting the 1st Deputy Speaker of Parliament to suspend the house and refer the Bill to the Winnowing Committee for fine-tuning.

The Winnowing Committee constructively discussed and debated all proposed amendments, resulting in further improvements to the GoldBod Bill. Clauses 1-15 of the Bill were approved by the house with the NPP Minority present, without substantial disagreements. Gyamfi dismissed claims that the GoldBod Bill was rushed, asserting that it was a product of diligent work, extensive stakeholder consultations, buy-in, and thorough parliamentary scrutiny.

Gyamfi criticized the press conference held by Hon. Afenyo Markin, labeling the GoldBod as “Galamsey Board,” as a misguided partisan political stunt. He concluded by reiterating that the GoldBod Bill, despite being developed and passed in 68 days, was the result of a comprehensive and inclusive process.