Sammy Gyamfi tells PAC that Ghana Gold Board does not trade in forex

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), appeared before Parliament’s Public Accounts Committee (PAC) to clarify the organization's role in the foreign exchange market. He emphasized that the Board does not engage in speculative forex trading but instead strictly sells foreign currency generated through its gold operations. This distinction was made to address questions regarding the nature of the Board's financial transactions and its impact on the national currency.

During the hearing, Gyamfi explained that the Ghana Gold Board’s primary function, as established under the Ghana Gold Board Act, 2025, is to generate foreign currency for the state. The Board utilizes these proceeds to facilitate the purchase of gold, with the foreign currency subsequently converted into cedis. This operational cycle ensures that the gold sector contributes directly to the country's liquidity and economic stability without the Board acting as a commercial foreign exchange dealer.

Addressing concerns about oversight and legality, Gyamfi confirmed that all foreign exchange activities conducted by the Board are fully authorized and regulated by the Bank of Ghana. He stated that the Board operates strictly within the legal confines of its mandate and has received all necessary clearances from the central bank to participate in the market. This regulatory alignment ensures that GoldBod’s activities are integrated with national monetary policy.

The CEO's testimony provides transparency regarding the management of revenues generated from Ghana's gold resources. By clarifying that the Board's market presence is a byproduct of operational necessity rather than a trading venture, Gyamfi sought to reassure lawmakers and the public of the Board's adherence to its legal framework and its commitment to the responsible management of national assets.