GoldBod introduces new pricing regime
The Ghana Gold Board, GoldBod, has rolled out a new pricing regime for gold trading as it moves to give small-scale miners better returns and curb smuggling.
The Board’s CEO, Sammy Gyamfi, met licensed gold traders and aggregators in Accra on Tuesday to explain the new structure, which links local buying prices directly to real-time international market rates, minus a fixed service charge.
‘Miners must get true value’
Mr. Gyamfi said the old system left many small-scale miners vulnerable to exploitation by middlemen who underpriced gold.
“Under this new regime, every gram of gold will be priced transparently based on the London Bullion Market price at the time of sale,” he stated. “No more guesswork. No more cheating. The miner gets what the gold is worth.”
GoldBod will publish daily reference prices and deploy more assay officers to mining districts to ensure accuracy. Licensed buyers will be required to use calibrated scales and issue receipts through GoldBod’s digital platform.
Impact on cedi and forex
Analysts say the reform is part of the government’s broader plan to increase gold purchases by the Bank of Ghana to build reserves and stabilize the cedi.
Gold exports are Ghana’s top foreign exchange earner. By buying more directly from local miners, GoldBod aims to reduce leakages and increase forex inflows.
“More gold retention means more dollars in our reserves,” an economist at the University of Ghana told Daily Guide. “If executed well, this could ease pressure on the cedi.”
Traders pledge support
Some licensed buyers at the meeting raised concerns about margins under the fixed-charge model, but most pledged to comply. “We support anything that makes the system transparent,” one Accra-based trader said. “But GoldBod must also ensure payment is fast. Miners can’t wait weeks for money.”
Mr. Gyamfi assured that payments would be processed within 48 hours through partner banks.
Next steps
GoldBod will begin sensitization tours in Ashanti, Western, and Eastern Regions next week. Enforcement against unlicensed buyers will also be intensified.
The new pricing takes effect immediately. Small-scale miners are being urged to deal only with GoldBod-licensed aggregators to avoid being shortchanged.
About The Author
