The Acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, has vehemently denied claims that Goldbod possesses excessive powers.
According to Sammy Gyamfi, Goldbod’s exclusive role as the sole commercial buyer of gold in the country leaves no room for competition in the sector.
Speaking to Accra-based Joy News, he explained that Goldbod’s mandate doesn’t regulate competitors, but only its approved agents, eliminating any potential for conflicts of interest in its operations.
“You say Goldbod has been granted too much power in regulations and commerce, but that is not the case,” Gyamfi argued. “Goldbod has no competitors in the market regarding its core mandate to trade gold—specifically to buy and export gold. So, where would the conflict of interest come from?” he added.
Mr Gyamfi further clarified that the regulatory power granted to Goldbod is meant to help manage and regulate licensed gold-buying agents on behalf of the government.
He stated that the organization operates within the law and does not exert disproportionate influence over political or economic matters in the country.
“Goldbod has licensed agents who buy and sell on its behalf, with funds provided to the agents for their operations. These provisions were designed to enhance alternative dispute resolution. It is not a matter of giving too much power to the agency,” Gyamfi said.
Goldbod, a state-owned institution, is mandated to regulate and promote the development of the gold industry in Ghana.
By: Ekow Annan/newsalertgh.com
