Sammy Gyamfi, the Acting Managing Director of the Precious Minerals Marketing Company (PMMC), has refuted concerns that GoldBod’s involvement in both trading and regulatory oversight could lead to conflicts of interest.
Addressing the issue on X, he stated, “The GoldBod is simply a monopoly in the trading and export of gold… The regulatory function of the GoldBod relates only to its own licensed agents and not to competitors.”
He further clarified that GoldBod’s oversight applies strictly to its licensed service providers and not external traders, dismissing any claims of regulatory bias.
“For emphasis, the GoldBod will not be regulating competitors but rather its own licensed agents. Thus, the issue of conflict of interest does not arise at all,” he added.
On concerns regarding gold hoarding, Gyamfi highlighted that Clause 68(1) of the GoldBod Bill criminalizes such practices, aiming to prevent licensed agents from stockpiling gold to manipulate prices, create artificial scarcity, or engage in unfair competition.
His comments come amid ongoing debates about the structure and implications of the government’s proposed GoldBod initiative.
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