The Ghana Gold Board (GoldBod) has issued a scathing rebuttal against what it terms “false allegations” and “mischievous claims” circulating on social media regarding its procurement processes.
In an official statement, the Board dismissed reports of inflated laptop prices and illegal sole-sourcing for office renovations, labeling the purveyors of these stories as “desperate fake news merchants”.
Renovation Contract: Restricted Tendering, Not Sole-Sourcing
The GoldBod categorically denied claims that an GH¢ 11 million office renovation contract was awarded to a company owned by Mr. Stan Dogbe through sole-sourcing.
According to the Board:
Need for Relocation: Following its establishment in April 2025, GoldBod recruited over 300 new staff members, making the dilapidated Diamond House office inadequate for the new workforce.
The Facility: The Board rented the old Bank of Ghana (BoG) Head Office at No. 1 Thorpe Road, which was previously described as structurally defective.
Approved Process: On June 24, 2025, the Public Procurement Authority (PPA) granted approval to use Restricted Tendering, not sole-sourcing, to select a contractor.
The Winner: Three entities participated in the bid, which was ultimately won by Correca Ghana Limited.
The Board emphasized that the contract was published on its official website on March 10, 2026, in accordance with the Ghana Gold Board Act, 2025 (ACT 1140), rendering claims of “intercepted” documents false.
Laptop Procurement: Prices ‘Perfectly Align’ with Market Rates
Addressing a second claim that 15 laptops were purchased at an inflated price of GHS 322,500, GoldBod defended the transaction as both transparent and competitively priced.
Unit Price: The laptops—Lenovo ThinkPad T14S (Core i7, 16GB RAM, 512GB SSD)—were bought for GHS 21,500 each, inclusive of taxes.
Market Comparison: GoldBod stated that the supplier’s open market price for that specific model is GHS 21,505, making their purchase price slightly lower than the standard retail rate.
Single-Source Justification: The Board used single-sourcing only because Messrs GET4LESS Ghana Limited was the only supplier with sufficient stock to meet the urgent delivery timeline. This process received prior approval from the PPA and commitment authorization from the Ministry of Finance.
A Commitment to Transparency
The GoldBod management, led by CEO Samuel Gyamfi, ESQ., maintained that the organization holds the principles of accountability “dear”. The Board noted that all contracts are proactively published online to prevent the spread of misinformation.
”We entreat the general public to remain vigilant and reject all attempts by desperate purveyors of fake news to find wrongdoing where there is none,” the statement concluded.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has highlighted the significant milestones achieved in stabilizing the nation’s economy.
According to him, pivotal to his success is the strong collaboration between the Ministry of Finance, the Central Bank, Ghana Gold Board, and the unwavering support of President John Dramani Mahama.
Ghana’s youngest finance minister, in a recent interview on Radio Gold 90.5 FM reflecting on 2025, lauded the contributions of Sammy Gyamfi, praising his drive and determination.
Sammy Gyamfi, CEO of Ghana Gold Board
“Sammy Gyamfi has always come to mind. The President has chosen him and he’s a young man with drive. It’s difficult to get such kinds of people around. And you need someone not only with energy, but he has energy, the drive, the determination, and can-do spirit.” Further acknowledging the critical role of the Governor of the Bank of Ghana (BoG) in tightening the money supply and helping to bring down inflation.
Strategic Reforms and Economic Stabilization
Dr. Forson detailed the comprehensive measures taken to address inflation and structural issues. “Aside from that I had to tackle inflation, I had to tackle the structural issues like how do I build reserves to make sure the currency stabilizes,” he explained.
A key initiative mentioned was the introduction of the Gold Bond, a long-term project designed to bolster the country’s reserves. This initiative, combined with the efforts of the Cocoa Board and reforms within the Central Bank, has played a pivotal role in strengthening Ghana’s economic foundation.
The President’s Vision and Guidance
Attributing much of the progress to President Mahama’s leadership, Dr. Forson emphasized the importance of the President’s daily involvement and guidance. “There was no way we could achieve even a quarter of what we’ve been able to achieve without the support of the President and his guidance. His vision he has – do this, don’t do this, go here, don’t go here, don’t worry, I’ll back you.”
He noted that the President’s ability to simplify complex technical issues into layman’s terms has been instrumental in the effective implementation of economic policies.
“The benefits of his guidance, the benefits of his support, is there for everybody to see,” Dr. Forson remarked.
Looking Ahead
With the current trajectory, Dr. Forson expressed optimism for the future of Ghana’s economy. He predicted that the people of Ghana will continue to see a tangible difference in their economic well-being within the next year.
The National Democratic Congress (NDC) Communications Officer and CEO of Ghana Gold Board, Sammy Gyamfi, has hit back at the New Patriotic Party (NPP) over claims of a $214 million loss under the Gold for Reserves (G4R) program, calling it “uninformed and unfounded”.
In a statement released on December 29, 2025, Gyamfi revealed audited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under the G4R and Gold for Oil (G4O) programs. The figures show losses of GHS2.15 billion in 2023 and GHS4.84 billion in 2024.
For 2025, unaudited losses stand at approximately GHS2.3 billion ($214 million) from January to September, according to the IMF. Gyamfi contrasted this with the NPP’s claim of $300 million in losses for 2025.
Gyamfi questioned the NPP’s call for a probe, pointing out that under their administration, the Bank of Ghana made cumulative losses of GHS7 billion under the G4O and G4R programs, coinciding with Ghana’s cedi depreciation of 27.8% in 2023 and 19.2% in 2022, and inflation rates of 22.3% and 23.8% respectively.
“In 2025, inflation has declined for 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar,” Gyamfi noted.
Gyamfi will address the issue further from January 5, 2026. “We welcome that probe. Stay tuned for more,” he said.
All things being equal, under the authority of Ghana Gold Board, Ghana’s gold output will be refined locally before export starting October 2025.
This will be done through a new partnership arrangement between the Goldbod, Bank of Ghana and local refineries.
The decision is part of a broader effort to boost value addition in the gold sector and improve Ghana’s economic resilience under the new Gold Board mandate and objectives.
“It is a national shame that, as a long-standing continental leader in production, Ghana continues to export doré, that is, raw gold instead of bullion. The Ghana Gold Board, which I lead, is determined to change this narrative as a matter of urgency”, the Chief Executive Officer of the Gold Board, Sammy Gyamfi, made this announcement during the first Mining and Minerals Convention held in Accra yesterday.
“As part of the reset agenda of President Mahama, the GoldBod, in conjunction with the BoG, is partnering with local refineries such as the Gold Coast Refinery to begin the local refining of gold purchased and exported by the GoldBod and this will begin next month, October 2025.”
Goldbod’s data indicates that small-scale gold exports between January and August 2025 amounted to 66.7 tonnes with an estimated value of $6.3 billion.
“Since January up to the end of August 2025, small-scale gold exports undertaken by or through the GoldBod, working closely with the BoG, have hit a record high of 66.7 tonnes with an export value of approximately $6.3 billion”, Mr Gyamfi noted.
“What this means is that the volume and value of small-scale gold exports from January to August 2025 alone have exceeded the total small-scale exports outturn for the whole of the year 2024. That is from January to December, which stood at 63 tonnes with a value of about $4.6 billion.”
The Ghana Gold Board has officially commenced the full implementation of the new gold trading licensing regime, introducing sweeping reforms aimed at eliminating illegal gold trading and smuggling across the country.
The enforcement of the Ghana Gold Board Act, 2025 (Act 1140) marks a major milestone in the government’s broader effort to restructure and formalise the gold trading industry to maximise revenue for the state.
At a press conference in Accra, the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, emphasised that only individuals and entities duly licensed under the new framework are permitted to trade gold in Ghana.
“The new gold board licensing regime has taken full effect,” he said.
“Only Ghanaians who have gone through the approved process and obtained a valid license from the Ghana Gold Board can legally engage in gold trading.”
Mr. Gyamfi clarified that the new law overrides all previous licenses issued by the defunct Precious Minerals Marketing Company (PMMC) and the Ministry of Lands and Natural Resources, rendering them null and void.
“Operating under old licenses is no longer permitted. Those days are over,” he stressed.
Quoting Section 63 of Act 1140, Mr. Gyamfi warned that unlicensed trading constitutes a criminal offence punishable by fines and jail terms.
“Anyone found trading gold without a Gold Board license commits an offence and is liable, upon summary conviction, to a fine of not less than 50,000 and not more than 200,000 penalty units, or imprisonment for a term between five and ten years—or both,” he said.
To reinforce compliance and crack down on illegal operations, President John Dramani Mahama will, on July 8, 2025, inaugurate the Gold Board Task Force at the National Security Secretariat (Blue Gate), Accra.
The task force will possess police-level powers and operate in coordination with a nationwide intelligence network to detect and halt illegal gold trade, smuggling, and price manipulation.
“This specialised unit is a critical part of efforts to protect Ghana’s mineral wealth and ensure fair pricing and accountability in the sector,” Mr. Gyamfi said.
The CEO disclosed that by the application deadline of June 21, 2025, the Gold Board had received:
Over 300 applications for Tier 1 Buyer Licenses
About 200 applications for Tier 2 Buyer Licenses
30 applications for Self-Financing Aggregator Licenses
15 applications for Aggregator Licenses
To date, more than 240 licenses have been approved after meeting eligibility requirements. Mr. Gyamfi confirmed that the application process remains open on a rolling basis, but unlicensed individuals and firms are barred from operating in the interim.
In line with promoting transparency and efficiency, the licensing process has been fully digitised.
Applicants are notified via email and online accounts, and payments are processed through the Ghana.gov portal.
Mr. Gyamfi concluded by urging all stakeholders to comply with the new licensing regime and support efforts to build a responsible, transparent, and economically beneficial gold trading system in Ghana.
The Ghana Gold Board (GoldBod) has approved approximately 240 gold buying licenses following the expiration of its June 21, 2025, transition deadline. According to the Chief Executive Officer of GoldBod, Sammy Gyamfi, the board received over 300 applications for Buyer Licence Tier One, about 200 applications for Buyer Licence Tier Two, and 30 applications for the Self-Financing Aggregator category.
New Licensing Regime
The approvals mark a critical step in enforcing the new gold licensing regime aimed at improving transparency, accountability, and regulatory compliance across the sector. Gyamfi emphasized that going forward, only entities with valid GoldBod-issued licenses will be allowed to engage in gold trading activities.
Enforcement and Penalties
The GoldBod will intensify enforcement to clamp down on unlicensed operations in line with the Ghana Gold Board Act, 2025 (Act 1140). Individuals or entities trading gold without a valid Gold Board license face prosecution, with penalties including heavy fines and custodial sentences.
License Application Process
The application process for new gold trading licenses remains open, and applicants receive notifications via email and their online accounts once their licenses are approved. License fees are payable through the (link unavailable) platform.
Key Highlights
– Approved Licenses: 240 licenses approved, with 123 printed and issued
– License Categories: Tier 1 Buyer Licences, Tier 2 Buyer Licences, Self-Financing Aggregator Licences
– Deadline: June 21, 2025, transition deadline for gold trading licenses
– Penalties: Heavy fines and custodial sentences for unlicensed gold trading activities
The Ghana Gold Board’s new licensing regime aims to promote responsible gold trading practices, transparency, and accountability in the sector. The board’s enforcement efforts will ensure that only licensed entities engage in gold trading activities, ultimately benefiting Ghana’s economy.
The Ghana Gold Board (GoldBod) has extended deadline for the transition to the new gold trading license regime from 21st May, 2025 to 21st June, 2025.
This is after the Board received several petitions from players within the gold trade business for extension of deadline which ended yesterday.
Consequently, Goldbod in a press statement has indicated that, any person who hold a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources can continue to purchase and deal in gold with the said licenses until 21st June, 2025.
“It must be emphasized, that even though a person may apply for a GoldBod license beyond the new non-extendable deadline of 21st June, 2025, only holders of a GoldBod license will be allowed to purchase, sell or deal in gold after this date”, the statement signed by Prince Kwame Minkah, Media Relations Officer of Ghana Gold Board noted.
“The use of a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources to deal in gold is hereby prohibited beyond the new non-extendable deadline of 21st June, 2025. A breach of this directive shall constitute a punishable offense under the Ghana Gold Board Act, 2025 (ACT 1140).
“The deadline extension notwithstanding, the GoldBod wishes to inform all persons who hold a license to purchase and deal in gold, issued by the Ministry of Lands and Natural Resources, that the export function of their licenses has ceased to be valid, effective today, 22nd May, 2025. Accordingly, no person other than GoldBod as a corporate entity, can export small-scale gold from Ghana, effective immediately.”
Meanwhile, the GoldBod encouraged all persons desirous of trading or dealing in gold in Ghana, to apply for a license via www.goldbod.gov.gh.
“It is worthy of note, that the license application process is an ongoing process and will continue even after the new non-extendable deadline of 21st June, 2025, save that, a person without a GoldBod license cannot trade or deal in gold in Ghana after this deadline.
“The GoldBod counts on the cooperation of all stakeholders and the general public as we work to optimize national benefits from Ghana’s gold resources in line with the vision of President John Dramani Mahama.”
The Minister for Finance, Dr Cassiel Ato Forson, has tasked the newly inaugurated Governing Board of the Ghana Gold Board to work hard to support and sustain the gains by the local currency (Cedi) against the major international trading currencies.
Although the Gold Board activities in the past months are not solely responsible for the Cedi’s resilience, the minister believes the activities of the Goldbod stand to further strengthen this performance.
At the inauguration of the new Governing Board, the minister emphasised that, the paradigm shift in government’s approach to gold trading contributing to robust gold reserves, will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the Cedi. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future.
“I wish to assure the Ghanaian public and our stakeholders, that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the Goldbod”, Dr Ato Forson said.
“I urge the newly-constituted Board to work hard to support and sustain this trajectory.”
Read Full Statement Below:
SPEECH DELIVERED BY THE FINANCE MINISTER, DR. CASSIEL ATO FORSON AT THE INAUGURATION OF THE GOVERNING BOARD OF THE GOLDBOD TODAY
Esteemed Chairman and members of the Board of Directors of the Ghana Gold Board (GoldBod);
2. I have the singular honour to congratulate you, on behalf of His Excellency President John Dramani Mahama, on your appointment to the Board.
3. Today’s inauguration marks the climax of months of diligent and painstaking work.
4. This journey began on January 27th, 2025, with the inauguration of the Technical Committee tasked to develop the legal and operational framework, particularly the drafting of a Bill for the establishment of the Ghana Gold Board (GoldBod).
5. The Technical Committee delivered on its mandate in a timely and efficient manner, culminating in the passage of the GoldBod Bill by Parliament at its last session, and its subsequent assent by His Excellency the President.
6. I must commend the members of the erstwhile Technical Committee and all who played various roles in developing the fit for purpose and time-tested GoldBod Act, within record time.
7. Distinguished members of the Board, it bears reminding you, that the Ghana GoldBod is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization.
8. The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.
9. As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
10. Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes.
11. The Ghanaian economy has not realized the full benefit of our gold resources.
12. Hence, the time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.
13. To achieve this, we must optimise every stage of the value chain—from extraction to refining, value addition and marketing, both locally and internationally.
14. The Ghana Gold Board is here to serve as that specialised agency for effective marketing of our gold resources.
15. This will involve the implementation of a deliberate program to formalise gold trading from the small-scale mining industry and promote traceability with the aim of enhancing the international acceptability of gold from Ghana.
16. I am happy to announce, that the erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources, has come to an end.
17. Hitherto, the Precious Minerals Marketing Company (PMMC) had the mandate to purchase and sell gold. However, this mandate was not exclusive.
18. The Bank of Ghana also used to purchase gold through PMMC and other private aggregators under initiatives such as “gold for forex,” “gold for reserves”, “gold for oil,” and “gold for cash” among others.
19. Additionally, the Minerals Income Investment Fund (MIIF), despite its primary mandate to optimize mineral investment, also ventured into gold buying, incurring substantial financial losses.
20. Apart from these, numerous individual Ghanaians and foreigners with export licenses and/or gold buying licenses were also active in the gold purchases and export market.
21. This fragmented, uncoordinated and unregulated system led to widespread gold smuggling and deprived the state of much-needed foreign exchange.
22. All of this now belongs in the past, because the Ghana GoldBod is the now the sole buyer and assayer of gold, with exclusive mandate to grant license to engage in the trade of Gold from Ghana’s small-scale mining sector.
23. Distinguished members of the Board, I am pleased to observe that the GoldBod has already began to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation.
24. As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date.
25. This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.
26. This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context.
27. The central bank, in close collaboration with the Ministry of Finance, has adopted a stringent monetary policy, complemented by aggressive liquidity sterilization.
28. Concurrently, the Ministry of Finance has implemented a disciplined fiscal stance anchored around prudent public finance management.
29. Bolstering these efforts, enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.
30. But the unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, our foreign exchange reserves at the Bank of Ghana reached a record-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.
31. This underscores the sustainability of the cedi’s performance.
32. The activities of the Goldbod stand to further strengthen this performance. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future.
33. This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi.
34. I wish to assure the Ghanaian public and our stakeholders, that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the Goldbod.
35. I urge the newly-constituted Board to work hard to support and sustain this trajectory.
36. Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians.
37. I thank you and may God bless our homeland Ghana.
The Ghana Gold Board (GoldBod) has officially opened its portal to facilitate online application for gold trading and related services licensing.
In line with earlier announcement of revocation of all previous licenses under the previous gold trading regime pursuant to the GoldBod operationalisation, all gold traders and service providers effective today, Wednesday, 23 April, 2025.
In a press statement signed by the Media Relations Officer, it listed the categories of licenses that can be applied for effective immediately are as follows: Aggregator license; Self-financing Aggregator license; Buyer license (tier 2); and Buyer license (Tier 1).
“Other licenses such as Refining License, Smelting License, Fabrication License, Storage License, Transportation License, Importation License among others, may be applied for effective July 2025”, the statement said.
Read Full Press Statement Below:
PRESS STATEMENT
23 April, 2025
For Immediate Release:
GOLDBOD COMMENCES LICENSING OF SERVICE PROVIDERS
The Ghana Gold Board (GoldBod) wishes to inform the general public, particularly stakeholders in Ghana’s gold trading sector, that we are commencing the licensing of Service Providers effective today, Wednesday, 23 April, 2025.
A Ghanaian, 18 years and above or a fully-owned Ghanaian company may apply to the GoldBod for a license online via the GoldBod’s official website, goldbod.gov.gh or physically, at the license office of the GoldBod located at our main office in Accra.
The categories of licenses that can be applied for effective immediately are as follows:
• Aggregator license
• Self-financing Aggregator license
• Buyer license (tier 2)
• Buyer license (Tier 1)
Other licenses such as Refining License, Smelting License, Fabrication License, Storage License, Transportation License, Importation License among others, may be applied for effective July 2025.
All relevant information about the mandate, policies and operations of the GoldBod can be accessed from our website, goldbod.gov.gh.
A person may send a message to or make inquiries from the GoldBod through our website.
An applicant must carefully read, understand and accept the Terms and Conditions of a license before proceeding to apply for same.
The GoldBod wishes to reiterate its earlier directive to all foreigners to exit the local gold trading market effective April 30, 2025. A breach of this directive shall constitute a punishable offense under the Ghana GoldBod Act, 2025 (ACT 1140). A foreigner may however apply to the GoldBod to off-take gold from the GoldBod.
Additionally, the GoldBod in line with its mandate to oversee and regulate the gold trading sector, reiterates its earlier directive for all gold traders to buy and/or sell gold at the official Bank of Ghana (BoG) Reference Rate published on www.bog.gov.gh.
The GoldBod looks forward to working with all stakeholders to restructure and streamline the gold trading sector to optimize national benefits. We count on the full cooperation of the public and shall continue to prioritize your feedback.
1. The general public is respectfully informed, that pursuant to the Ghana Gold Board Act (ACT 1140), 2025, passed by Parliament on 29th March, 2025 and assented to by the President of the Republic on 2nd April 2025, all licenses issued by the Precious Minerals Marketing Company (PMMC) and/or the Minister responsible for Mines to a person other than a large scale mining company to deal in gold, have ceased to be valid.
2. The GoldBod is currently, the sole buyer, seller, assayer and exporter of all gold produced by the licensed Artisanal and Small-Scale Mining (ASM) sector.
3. As such, no person other than the Ghana Gold Board (GoldBod), is permitted to export ASM gold from Ghana. Also, no person other than the GoldBod or a licensed buyer or aggregator or service provider of the GoldBod, is permitted to purchase or deal in gold in the country.
4. However, to ensure a smooth transition and respect for existing contractual obligations between licensed gold buyers and their off-takers, the Ghana Gold Board has resolved to allow for gold purchases and exports by persons holding appropriate licenses issued to them by the PMMC and/or the Minister Responsible for Mines until 30th April, 2025.
5. For the time being, all licensed persons or entities buying gold from the local market, must do so in Ghana cedis and at a price calculated based on the Bank of Ghana Reference Rate published on www.bog.gov.gh.
6. Any Ghanaian or a fully-owned Ghanaian company whose license has ceased to be valid and/or any Ghanaian who is desirous of dealing in gold, is encouraged to apply for a license under the Ghana Gold Board Act (ACT 1140), 2025 effective, Tuesday, 22nd April, 2025.
7. An application for a GoldBod license may be done online, via the website of the GoldBod (to be activated and published on the effective date for license applications, 22nd April, 2025) or physically at the GoldBod Licensing and Regulations office located at our head office in Accra.
8. All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025. A foreigner may however apply to the GoldBod to buy or off-take gold directly from the GoldBod.
9. It is worthy of note, that it shall constitute a punishable offense for a person to purchase or deal in gold in the country without a license issued by the Ghana Gold Board, effective 1st May, 2025.
