GoldBod Boss Warns: Hoarding Gold Threatens FX Inflows (District Buying Centres Coming)
Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has warned licensed buyers not to hoard gold because it is a serious threat to Ghana’s foreign exchange inflows and economic stability. At a meeting with the Licensed Gold Buyers Association at the University of Professional Studies in Accra on February 13, he said that even though gold exports from the Artisanal and Small-Scale Mining sector went up from 63 tonnes in 2024 to 104 tonnes in 2025, bringing in about US$10.8 billion in revenue and increasing reserves, hoarding has made it harder to export gold. He warned that holding onto gold in the hopes of getting higher prices or commissions hurts the commission-based buying model and makes it harder to build up reserves. In response, he said he would set up GoldBod District Gold Buying Centers in mining areas between May and June. This would make it easier to keep an eye on things, be more open, trace things back to their source, and hold people accountable. He also assured stakeholders that the changes were meant to make the gold trading system stronger, not hurt their businesses.
