Sammy Gyamfi, the CEO of the Ghana Gold Board, has reiterated the government’s resolve to stop gold smuggling, particularly in the Artisanal and Small-Scale Mining (ASM) industry, by putting in place a strong gold aggregation system.
According to Mr. Gyamfi, the implementation of a national gold aggregation system is a “game-changer,” aiding in the optimization of ASM gold collection, improving traceability, and optimizing mining revenue for the nation.
“We have intensified the fight against gold smuggling like never before, effective aggregation networks and systems have been rolled out across the country to mop up almost all ASM gold produced,” he said
He emphasized that the past period, in which significant amounts of ASM gold were illegally exported, depriving Ghana of vital revenue and putting the industry at risk for environmental damage, is now being rigorously addressed.
“Today, the state is mopping up ASM gold responsibly. We are exporting it and bringing in the corresponding foreign exchange to support the economy,” Mr. Gyamfi added
The Gold Board has strengthened licensing requirements as part of its reforms to guarantee adherence to both domestic and global financial standards.
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In cooperation with the Bank of Ghana and the Financial Intelligence Center, Mr. Gyamfi clarified that businesses wishing to obtain a Gold Board license are now required to go through stringent Know Your Customer (KYC) and due diligence checks.
As part of our larger effort to advance anti-money laundering and counter-terrorism funding laws, we are committed to making sure Ghana’s gold trade is open, safe, and advantageous to the national economy,” he said.
The crackdown on smuggling and improved gold traceability are expected to restore investor confidence in Ghana’s gold supply chain and increase formal sector participation.
Moreover, the Gold Board’s reforms are anticipated to stimulate job creation, improve revenue mobilisation, and encourage partnerships between small-scale miners and formal financial institutions, including gold refiners and exporters.
