Sammy Gyamfi, the Acting Chief Executive Officer of the Precious Mineral Marketing Company (PMMC), has dismissed allegations of a potential conflict of interest in the operations of the Ghana Gold Board (Goldbod).
Proponents of the conflict of interest claims, including the former Minister for Finance, Dr. Mohammed Amin Adam, believe the regulatory and commercial functions of the GoldBod is enough recipe for conflict of interest.
He explains that “The model where institutions are established to play multiple roles combining commercial functions with regulatory oversight is being discouraged worldwide.”
📢 GET A DETAILED ARTICLES + JOBS
Join SamBoad's WhatsApp Channel and never miss a post or opportunity.
📲 Join the Channel Now“The best practice now is to separate the commercial role from the regulatory function so that effective oversight can be maintained. If this bill is passed, GoldBod will be a commercial entity that trades and exports gold while also acting as a regulator and court. That is not right”, he noted.
But in addressing this claim, Sammy Gyamfi says it appears the regulatory and commercial functions of the GoldBod are misconstrued. He explains that the GoldBod is neither a regulator of competitors nor a commercial player in the conventional sense.
Rather, it operates as a monopoly in the trading and export of gold, ensuring compliance within its own operational structure.
“The regulating function of the Goldbod relates only to its own licensed agents and not competitors,” he maintained.
He further clarifies that, “The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod for the realization of the objects of the Goldbod. 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.”
This clarification is seeking to allay fears within Ghana‘s mining and financial sectors, where some industry players had raised concerns over market distortions and unfair advantages.
The clarification underscores that the Gold Board’s structure is designed to enhance efficiency in gold trading and export, rather than to stifle competition or manipulate market dynamics.
The debate surrounding the Gold Board’s role has intensified following its establishment to replace the PMMC, shifting Ghana’s gold trade into a new era of state-controlled exports. However, with this clarification, stakeholders are now expected to realign their perspectives on the board’s functions and impact on the industry.
Disclaimer: Some content on The High Street Business may be aggregated, summarized, or edited from third-party sources for informational purposes. Images and media are used under fair use or royalty-free licenses. The High Street Business is a subsidiary of SamBoad Publishing under SamBoad Business Group Ltd, registered in Ghana since 2014.
For concerns or inquiries, please visit our Privacy Policy or Contact Page.
