Ghana is entering a new era in its gold industry, with a strong push for transparency, fair pricing, and a decisive crackdown on illegal gold trade. At the forefront of this transformation is the newly established Ghana Gold Board, led by its Chief Executive Officer, Sammy Gyamfi, who says the agency is “poised to bring order and transparency” to the sector.
Speaking at the Mining in Motion Summit on Monday, June 9, Gyamfi stressed that the board’s mission is not just to regulate, but to reform and empower. “This agency was not just created to exist, it was created to lead a new chapter for Ghana’s gold industry, where transparency, fairness, and enforcement are not negotiable,” he told participants.
“Already, in conjunction with the Bank of Ghana, our pricing is very fair and transparent,” Gyamfi explained. “Every day,we publish the local price of gold, and it is pegged to the world market. It is a very fluid system, and we keep updating it as and when the world market price changes significantly.”
In a strategic move that has boosted compliance across the sector, the 1.5% withholding tax on gold doré was removed in the 2025 Budget Statement delivered in March. This tax, long criticized by industry stakeholders, was seen as a major incentive for smuggling.
“The scrapping of that tax has helped the fight against smuggling,” said Gyamfi. “We believe it was a major incentive for illegal trade, and removing it has allowed more miners to use legal and official channels.”
“Our effective aggregation networks in all mining towns have helped us mop up more gold through the right channels,” Gyamfi noted.
Those who were caught before the deadline were deported, but the rules have since tightened. “Anyone arrested for engaging in illegal gold purchasing or smuggling after the 30th April deadline is not going to be deported,” Gyamfi warned. “We are going to prosecute them and secure convictions so that the deterrence factor is there for us to curb this menace once and for all.
The message from the Ghana Gold Board is clear: the days of disorder, corruption, and illegal gold trade are numbered. Through policy reforms, market transparency, and robust enforcement, the board aims to restore Ghana’s reputation as a responsible and respected gold-producing nation.
“Order is being restored,” Gyamfi emphasized. “This is not just about regulating, it’s about protecting our national wealth and ensuring that every Ghanaian benefits from it.”
