Chief Executive Officer of the Gold Board, Sammy Gyamfi, has cautioned individuals and companies against buying gold outside approved channels, warning that offenders will face prosecution as oversight in the sector tightens.
Speaking on JoyNews’ PM Express Business Edition, Mr Gyamfi said the Board is enforcing strict measures to ensure responsible sourcing and full traceability of gold, particularly within the small-scale mining sector.
He explained that the first step has been the formalisation of gold trading, requiring all buyers to obtain licences from the Gold Board.
“Once you are licensed, your activities fall under regulation because the licence is backed by law,” he said, adding that licence holders are only permitted to purchase gold from authorised, licensed miners.
Mr Gyamfi stressed that any breach of these conditions constitutes a criminal offence under the Gold Board Act, serving as a strong deterrent to illegal trading practices.
“If you are caught buying gold outside the approved system, you will be prosecuted,” he warned.
Beyond enforcement, he revealed that the Board is developing systems to track the origin of gold and ensure that every gram is sourced from responsible mining operations.
“We want to confirm that all gold comes not just from licensed mines, but from responsible ones,” he noted.
As part of broader reforms, the Gold Board is collaborating with the Ministry for Lands and Natural Resources to formalise artisanal miners through cooperative schemes and integrate them into the licensed small-scale mining sector.
Mr Gyamfi disclosed that the formalisation programme is nearing completion and will soon be rolled out with support from the Presidency.
He added that work on a comprehensive traceability system is already underway, marking a significant step toward improving transparency and accountability in Ghana’s gold trade.
