The establishment of the Gold Board (GoldBod), also known as the Ghana Gold Board, has been heralded as a pivotal intervention aimed at transforming Ghana's gold sector by bringing order, fairness, and value to its small-scale and artisanal gold mining industry. Formed with a clear mandate to safeguard national revenue and promote transparency, GoldBod's efforts have garnered commendation from various stakeholders, notably the Concerned Small Scale Miners Association (CSSMA).

According to the CSSMA, GoldBod has made significant strides in combating gold smuggling and ensuring that the country fully benefits from its gold output. The Association, led by President Michael Kwadwo Peprah, lauded GoldBod's Chief Executive Officer, Sammy Gyamfi, for his commitment to tackling illicit trade and his promise to introduce a comprehensive and credible system for tracing gold purchases from source to sale. This initiative is seen as a major step toward protecting state revenue and restoring integrity to the sector. The CSSMA further praised Mr. Gyamfi's leadership style, highlighting his commitment to national interest, disciplined operations, and sustained dialogue with miners, which has rebuilt trust and ensured policies are grounded in reality. GoldBod's fair and transparent pricing regime has reportedly improved miners' incomes, reduced exploitation by middlemen, and encouraged formal gold sales, thus promoting compliance and stability within the sector. Moreover, the Association noted that GoldBod’s operations through traceability also deliver important environmental benefits by formalizing mining activities, enforcing standards, reducing illegal mining, protecting water bodies, and improving land reclamation practices.

Entrepreneur, Finance & Economic Policy Analyst Senyo K. Hosi has also affirmed GoldBod’s fundamental role in reversing decades of leakages and missed opportunities in Ghana’s gold economy. He explained that prior to GoldBod, the sector suffered from fragmented regulation, weak oversight, and widespread smuggling. Hosi highlighted GoldBod’s centralized framework for bringing transparency, traceability, and accountability to gold trading. By offering competitive pricing and structured buying channels, GoldBod successfully displaced illicit buyers. Evidence of its impact includes a substantial increase in official Artisanal and Small-Scale Mining (ASM) gold exports, rising from 63.6 metric tonnes in 2024 to approximately 101 metric tonnes by December 2025. Hosi attributes this surge not merely to increased production but to a more effective capture of national value and reduced illicit trade, contributing significantly to Ghana’s foreign exchange position and overall macroeconomic stability.

Indeed, GoldBod and the Precious Minerals Marketing Company (PMMC) reported generating over $8 billion in foreign exchange from small-scale gold exports between January and October 15, 2025, with 81,719.23 kilograms of gold valued at US$8.06 billion exported from the small-scale mining sector. These inflows have been instrumental in boosting Ghana's foreign reserves, easing inflationary pressures, contributing to the appreciation of the cedi, improving the balance of payments, strengthening investor confidence, and supporting overall macroeconomic stability.

However, the institution's operations have not been without controversy, particularly concerning a reported US$214 million (or GHS3.3 billion) cost associated with the Domestic Gold Purchase Programme (DGPP). The Centre for Democratic Movement (CDM) called for the immediate stepping aside of Sammy Gyamfi to allow for an independent investigation into GoldBod and the DGPP, citing the admission that GoldBod is projected to incur significant losses purely from trading activities. CDM questioned the approval of a trading model that guarantees losses and accused Mr. Gyamfi of issuing contradictory and misleading statements regarding these reported losses, thereby undermining public confidence and the credibility of any investigation. The group demanded a full forensic audit, publication of gold trading contracts, and parliamentary scrutiny.

In response to the