Policy analyst and Vice President of IMANI Africa, Bright Simons, has raised critical questions about the recent performance figures attributed to the newly formed Ghana Gold Board (GoldBod), arguing that Ghana’s record-breaking gold export revenues in 2025 are being driven more by global gold price hikes than domestic policy interventions.
His remarks come in response to comments made by GoldBod CEO Sammy Gyamfi, that Ghana’s gold exports in the first six months of 2025 had already surpassed the entire 2024 total crossing the $5 billion mark, compared to $4.6 billion in 2024.
“We’ve done only six months, and yet we’ve crossed the $4.6 billion we achieved in the whole of 2024. In terms of volume, we’re also approaching the 66-ton mark already over 50 tons exported,” Gyamfi stated.
Simons: “It’s the Price, Not the Policy”
In a detailed analysis shared on X (formerly Twitter), Bright Simons argued that these gains were largely the result of soaring global gold prices and had little to do with the actual operations of GoldBod, which only recently began issuing its own trading licenses.
“It is very important people realise that the gains recorded by Ghana on the gold export market from January till date were, largely, due to higher gold prices and NOT government policy,” Simons noted.
He emphasized that until July 2025, Ghana’s gold export trade remained in the hands of the same private companies operating under pre-existing licenses issued by the Precious Minerals Marketing Company (PMMC) not under the exclusive domain of GoldBod.
“GoldBod has only now issued licenses. It is not responsible for the boost in export volume and value between January and July 2025,” he stated.
GoldBod’s True Test Begins Now
Simons acknowledged that the real impact of GoldBod is yet to be seen, particularly as the agency moves to invalidate old licenses and shift control of gold exports to a freshly regulated group of traders operating under a new legal framework.
“It is only now that we are going to start seeing the REAL EFFECTS of GoldBod, especially if it goes ahead and restricts trading solely to newly licensed players,” he added.
He even suggested that the recent spike in export volume could be attributed to existing exporters rushing to process stockpiles before the new regime is fully enforced.
Call for Transparency and Caution
While commending the ambition behind GoldBod, Simons stressed the need for transparency and institutional clarity, warning that aggressive government intrusion into a long-standing private-sector-led market requires careful monitoring.
“It goes without saying that transparency would be hugely critical going forward so we can monitor GoldBod’s performance and gauge the effectiveness of the new law,” he said.
Despite his skepticism, Simons signaled a cautious willingness to watch and assess, stating;
“I won’t pretend that I’m not worried. When government intrudes so aggressively into a market that has long evolved to suit private players, one must always be anxious. For now, though, we are giving the government the benefit of the doubt until they give us reason to doubt.”
GoldBod in the Spotlight
As GoldBod begins full implementation of its mandate centralizing licensing, regulating small-scale exports, and setting official floor prices its performance will be closely scrutinized by analysts, traders, and international observers alike.
Whether it emerges as a transparent, value-maximizing institution or becomes entangled in regulatory overreach will depend on how well it balances state oversight with market efficiency in the months ahead.
