Sammy Gyamfi: Goldbod Is Key to Ghana’s Economic Transformation

Sammy Gyamfi: Ghana Gold Board Will Revive Economy and Transform Gold Sector

The Chief Executive Officer (CEO) of the Ghana Gold Board (Goldbod), Sammy Gyamfi, has emphasized that the establishment of the Board represents more than just a regulatory framework for Ghana’s gold sector. According to him, the creation of Goldbod is a pivotal, strategic initiative under the leadership of President John Dramani Mahama aimed at reviving the country’s struggling economy and ensuring that Ghanaians benefit more significantly from the nation’s vast mineral wealth.

In an interview on Asempa FM’s Ekosii Sen program, Mr. Gyamfi elaborated on the core vision of Goldbod, describing it as a flagship programme of the Mahama administration. He noted that the new gold sector institution is designed not only to regulate and streamline mining operations but to usher in a new era of economic transformation through the responsible and equitable management of Ghana’s natural resources.

Goldbod was part of our campaign promise. It is not only going to help miners; it is about transforming the entire gold sector and restoring our economy to its former position, he stated.

Goldbod to Ensure Full Benefits of Ghana’s Mineral Wealth

Sammy Gyamfi stressed that although Ghana is richly endowed with gold and other minerals, the economic realities for most citizens do not reflect the country’s resource potential. This paradox, he says, is what Goldbod intends to address head-on by creating structures that ensure more value is retained within the country.

“Ghana is blessed with abundant minerals, but our living conditions don’t reflect that. Goldbod seeks to change this narrative and ensure the gold sector contributes meaningfully to national development,” he said.

The CEO explained that under previous administrations, especially in recent years, Ghana’s gold sector has suffered from inefficiencies, lack of transparency, and poor oversight. These problems have led to massive revenue losses through illegal mining (galamsey), smuggling, and under-reporting of gold exports. With the establishment of Goldbod, these challenges are being tackled with renewed energy and seriousness.

Presidential Backing and Stakeholder Support

Highlighting the importance of the initiative, Mr. Gyamfi mentioned that his appointment as CEO of Goldbod was among the first major decisions taken by President Mahama after assuming office, indicating the high priority placed on the gold sector by the new administration.

“My appointment was one of the earliest, indicating the seriousness of the President regarding this matter. So far, I have received major support from all stakeholders, including the President,” he noted.

According to him, this level of political will and stakeholder alignment is critical for the success of any national reform, especially one as ambitious as the restructuring of Ghana’s gold sector.

Restructuring for Transparency and National Growth

One of the core objectives of Goldbod is to ensure that all actors within the gold value chain—from small-scale miners to large-scale operators—adhere to best practices that prioritize environmental sustainability, labor rights, and national interest. The Board is also focused on formalizing small-scale mining, a sector that employs hundreds of thousands of Ghanaians but has historically operated with minimal regulation.

Mr. Gyamfi explained that Goldbod is already working closely with the Minerals Commission, the Environmental Protection Agency (EPA), the Ghana Revenue Authority (GRA), and traditional authorities to put in place a framework that eliminates exploitation and increases revenue for the state.

“We are not reinventing the wheel, but we are making sure that all the existing institutions that have a mandate in this space are working in sync with Goldbod for better outcomes,” he said.

Job Creation and Community Development

Beyond its macroeconomic goals, the Ghana Gold Board is also expected to create thousands of jobs directly and indirectly. With formalization, new licensing structures, and investments in gold processing and refining, local communities will benefit through employment, infrastructure development, and increased social interventions.

Mr. Gyamfi believes that once the reforms take full effect, mining communities will witness better living standards, education, and healthcare delivery—something that has been long overdue despite the decades of gold extraction from their lands.

Gold Refining and Value Addition

Another major focus of the Board is value addition. Instead of exporting raw gold, which has little long-term benefit for the economy, Goldbod is pushing for more local refining and manufacturing to increase the value of Ghana’s gold before it hits the international market.

This is in line with global best practices, where mineral-rich countries retain more earnings by processing their resources domestically rather than exporting them in raw form.

A Strategic Tool for Economic Recovery

Ghana’s economy has faced numerous challenges in recent years, including currency depreciation, rising public debt, and inflation. Sammy Gyamfi believes that a revitalized gold sector can serve as a crucial pillar for economic recovery, providing the government with much-needed revenue and foreign exchange reserves.

“Goldbod is a tool for economic transformation. It is not a political gimmick. We are looking at long-term structural change that makes the most of what God has given us as a nation,” he said.

A New Era for Ghana’s Gold Industry

The establishment of the Ghana Gold Board marks a turning point in the management of Ghana’s most valuable natural resource. With strong political support, clear objectives, and an emphasis on transparency and development, Goldbod is poised to reshape the future of the gold sector in ways that benefit not just a few individuals, but the entire nation.

As the Goldbod initiative gathers momentum, expectations are high among industry players, civil society, and ordinary Ghanaians. Many are hopeful that this new chapter will deliver lasting change, improve livelihoods, and position Ghana as a model for responsible mineral resource management in Africa.