GoldBod CEO Sammy Gyamfi Unveils Blockchain Traceability System Amidst Sector-Wide Financial and Labor Reforms

In a significant move to sanitize Ghana’s mining sector, the Ghana Gold Board (GoldBod) has announced the implementation of a blockchain-powered track-and-trace system by the end of 2026. CEO Sammy Gyamfi revealed at a recent press briefing that a national competitive tendering process is currently underway to establish this framework, which is designed to link every gram of gold purchased to a verified legal source. The initiative, sanctioned under Section 31 of the Gold Board Act, aims to eliminate illegal mining gold—commonly known as galamsey—from the national supply chain. By monitoring transactions through structured buying centers and tracing gold back to its mine of origin, the board intends to restore international confidence in Ghana’s mineral exports while funding a GH"35.1 million forest reclamation project to restore 150 hectares of degraded land by 2027.

While GoldBod focuses on supply chain integrity, the government has granted a 12-month reprieve to Adamus Resources Limited to restructure its operations and settle massive financial obligations. A Ministerial Review Committee recently uncovered that the indigenous large-scale miner owes over GH"205 million to the state, including GH"86.78 million in unpaid royalties and GH"119.04 million in tax arrears. Despite the previous revocation of three mining leases due to regulatory breaches and production discrepancies exceeding US$33 million, the government opted for a turnaround roadmap to preserve the company. A six-member management team, comprised of representatives from both Adamus and the government, will oversee a plan to settle debts with the Ghana Revenue Authority (GRA) and the Minerals Income Investment Fund (MIIF) while seeking fresh capital infusion.

Parallel to these corporate reforms, the Ghana Mineworkers’ Union (GMWU) has intensified pressure on the Bank of Ghana (BoG) to release over GH"380 million in locked-up funds. General Secretary Abdul-Moomin Gbana formally petitioned the central bank, noting that these assets—which belong to more than 19,000 current and former workers—have been trapped in distressed financial institutions since the financial sector cleanup. The funds represent critical provident fund contributions and severance packages that workers rely on for essential expenses. The union has warned that continued delays in accessing these savings could trigger industrial unrest, potentially disrupting the mining sector, which remains a cornerstone of the national economy.

These developments reflect a broader push for transparency and stability within Ghana’s extractive industries. As GoldBod prepares its digital tracking infrastructure and Adamus Resources begins its rigorous debt-repayment schedule, the resolution of the mineworkers' grievances will be a crucial test for the Bank of Ghana. The successful execution of these measures is expected to not only enhance revenue collection for the state but also ensure that the benefits of Ghana’s mineral wealth are equitably distributed among legal operators, the government, and the thousands of workers who sustain the industry.