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.
Ghana’s proven gold reserves are estimated at a staggering US$146 billion, yet the country’s economic policies aren’t leveraging this wealth effectively, says Professor Paul Alagidede, a fellow at6 the Centre for Policy Scrutiny (CPS).
Speaking at a public lecture, Alagidede emphasized that gold is a valuable asset that can serve as a store of value, inflation hedge, and strategic reserve asset.
Ghana, the sixth-largest gold producer globally, produces about 440 tonnes annually, but only a small fraction appears on the country’s balance sheet.
“Gold in the ground is not dead wealth,” Alagidede stressed. By leveraging its gold reserves, Ghana could unlock significant fiscal space and transition from managing economic flows to managing its national balance sheet.
The professor called for a shift in monetary philosophy, citing recent policy shifts like the GoldBod initiative as baby steps.
“Ghana is not a poor nation, it’s a wealthy nation in a temporary state of amnesia. It’s time to wake up,” he concluded.
GoldBod Jewellery, a subsidiary of the Ghana Gold Board, has announced the appointment of media personality, Kwabena Anokye Disi, popularly known as Bola Ray and renowned actress, Jocelyn Dumas as its Brand Ambassadors.
This strategic move aims to promote Ghana’s rich gold heritage and highlight the country’s expertise in crafting authentic and exquisite gold jewellery through world-class artistry and ethical sourcing.
With Bola Ray’s charisma and Jocelyn Dumas’s elegance, GoldBod Jewellery is poised to reach new heights, showcasing the beauty of Ghana’s gold ornaments to the world.
Speaking at the unveiling event held at the GoldBod Head Office in Accra, the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi Esq., expressed his excitement about the partnership, describing it as a strategic move to project Ghanaian craftsmanship in jewellery fabrication for both the domestic and international markets.
“Bola Ray and Joselyn Dumas represent excellence and authenticity the very values that define the Goldbod Jewellery brand. Their appointment as brand ambassadors of GoldBod Jewellery marks a major milestone in GoldBod’s mission to promote local value addition to the country’s gold resources.”
Mr. Sammy Gyamfi further noted, that the collaboration marks the first step towards the actualization of President Mahama’s vision of making Ghana a leading hub of authentic gold jewellery and ornaments in Africa.
As part of their ambassadorial roles, the two icons will spearhead brand campaigns, media engagements, and public outreach initiatives that showcase GoldBod’s latest collections of fine gold and diamond jewellery, bespoke ornaments and refined luxury accessories.
The Ghana Gold Board (GoldBod) and the Ghana Commodity Exchange (GCX) have initiated discussions aimed at promoting gold trading on the GCX platform, in a move expected to expand access to gold ownership and investment opportunities for and in institutions.
The collaboration seeks to explore innovative gold trading models, including tokenisation and Exchange-Traded Funds (ETFs), to create new avenues for investment and wealth creation.
The initiative will formalise and modernize gold trading in Ghana, while positioning Ghana as a key player in structured gold markets across Africa.
GoldBod has also begun similar engagements with the Securities and Exchange Commission (SEC) to ensure that the frameworks for gold investment instruments meet regulatory and investor protection standards.
The Board has assured that it will update the public once the discussions are finalised.
The partnership represents a strategic step in Ghana’s efforts to leverage its gold resources more effectively, offering Ghanaians innovative and transparent ways to invest in the nation’s most valuable mineral.
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 Chamber of Mines expects Ghana’s gold production in 2025 to hit over 5 million ounces.
The outlook follows a strong recovery in 2023, when Ghana reclaimed its position as Africa’s top gold producer.
Domestic output rose by 32 % to 3.7 million ounces, up from 2.8 million ounces in 2021.
Acting CEO of the Chamber, Ahmed Dasana Nantogmah, said the Chamber fully supports strategic initiatives aimed at boosting foreign exchange earnings—including the government’s , Goldbod – to enhance macroeconomic stability.
“In terms of function, whatever they said Goldbod will do looks good on paper and we as a chamber even has a representation on the board so we hope to work with them to make mining more sustainable, because a lot of gold comes from the small scale mining sector – about 40% – and it will shore up our foreign exchange earnings,” he said.
“For projections we are looking at in excess of 5 million ounces in 2025” he added.
He was speaking on the sidelines of the 2025 West African Mining and Power Expo in Accra.
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.
NIB and Goldbod officials addressing press with suspects standing
Adnan Adams Mohammed
The Ghana Gold Board security taskforce has swing into action barely a month of its operationalisation, arresting three foreign nationals in a gold smuggling syndicate.
The three suspects: Goutam Katriya, 35; Miraj Sarvaych, 22; and Manash Damani, 42, are Indian nationals who are in the business of trading gold in Kumasi and Accra for Unique MM, a company allegedly owned by one Musah Salifu.
The suspects were arrested at their private residence around Atinga Junction in Kumasi, which has been converted into a gold trading center. The suspects were arraigned before the Achimota Circuit court yesterday and remanded into custody for a period of two (2) weeks.
“The arrest was based on a tip off from a patriotic whistle blower that the suspects were purchasing gold at “black market” rate for the purpose of smuggling”, the Director of Investigations at National Security, Chief Superintendent Osman Alhassan, disclosed at a press conference in Accra. Further indicating that, “an amount of 1.9 million cedis, 4,500 rupees, 4.363 kilograms of gold, two counting machines, a CCTV recorder and an Indian passport were found in the possession of the suspects.”
Indian Gold Smuggling Suspects
Read statement below:
*THREE SUSPECTED GOLD SMUGGLERS ARRESTED BY GOLDBOD SECURITY TASKFORCE, REMANDED INTO CUSTODY BY CIRCUIT COURT*
29th April, 2025
Three (3) suspected gold smugglers have been arrested by the GoldBod security taskforce.
The three suspects — Goutam Katriya, 35, Miraj Sarvaych, 22, Manash Damani, 42, are Indian nationals who are in the business of trading gold in Kumasi and Accra for Unique MM, a company allegedly owned by one Musah Salifu.
The suspects were arrested at their private residence around Atinga Junction in Kumasi, which has been converted into a gold trading center.
The arrest was based on a tip off from a patriotic whistle blower that the suspects were purchasing gold at “black market” rate for the purpose of smuggling.
The suspects were arraigned before the Achimota Circuit court yesterday and remanded into custody for a period of two (2) weeks.
At a press conference in Accra, the Director of Investigations at National Security, Chief Superintendent Osman Alhassan, disclosed that an amount of 1.9 million cedis, 4,500 rupees, 4.363 kilograms of gold, two counting machines, a CCTV recorder and an Indian passport were found in the possession of the suspects.
Preliminary investigations by National Security so far revealed, that none of the three suspects possess a valid license that allows them to purchase or deal in gold in the country.
The suspects who been dealing in gold in Ghana for over a decade, have not been able to adduce any residence permit or work permit or tax payment records on their business operations.
Additionally, it’s been revealed that Musah Salifu, a Ghanaian, who is alleged to be the sole shareholder of the Unique MM, is only a front for Goutam Katriya, the real beneficial owner and alter ego of the company.
Chief Superintendent Osman Alhassan cautioned both Ghanaians and foreign nationals against violating the provisions of the Ghana Gold Board Act and other laws governing the gold trading sector of the country.
“This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling. We know that the arrested suspects smuggle gold through unapproved border points into India. This has serious negative consequences for the Ghanaian economy. We are still gathering intelligence on several illegal gold traders and smugglers. And very soon, we shall take necessary action.” he said.
The suspects are to remain in NIB custody until May 12, 2025, when they are expected to reappear before the court.
In a related matter, the GoldBod has reiterated its directive for all foreigners in the gold trading sector to exit the market by 30th April, 2025.
All persons dealing in gold have also been directed to trade in Ghana cedis and at the Bank of Ghana Reference Rate.
A breach of these directive, shall constitute a punishable offense under the GoldBod Act, 2025 (ACT 1140). This was contained in a Press Release issued by the GoldBod dated 23 April, 2025.
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.
