The Precious Minerals Marketing Company (PMMC) and the Ghana Association of Forex Bureau have agreed to engage key government entities, including the Bank of Ghana and the Ministry of Finance, to drive regulatory reforms and enhance oversight mechanisms in Ghana’s gold sector. Their efforts align with Ghana’s economic revitalization agenda, which seeks to harness the full potential of its natural resources to support financial stability.
Acting Managing Director of the PMMC, Mr Sammy Gyamfi (Esq) took to social media to describe the meeting as insightful and fruitful, stressing the need for a united front to tackle illegal gold trade, which significantly impacts Ghana’s foreign exchange liquidity and economic stability.
Additionally, the initiative complements ongoing work to establish the Ghana Gold Board (GoldBod) a specialized regulatory body designed to oversee and formalize the gold marketing industry. A technical committee is currently engaging stakeholders to develop a comprehensive legal and operational framework for the board’s establishment.
Once established, the Board is expected to play a crucial role in regulating gold trade, ensuring compliance with international best practices, and minimizing revenue losses from illicit transactions. Industry stakeholders, including the Chamber of Mines and civil society organizations within the extractive sector, have been actively involved in shaping the legislation governing the board.
“The engagement with stakeholders has been very insightful and productive,” noted Sammy Gyamfi, reinforcing the importance of collective input in shaping effective policies for the gold industry.
Gold smuggling remains a critical challenge in Ghana’s mining sector, leading to substantial losses in foreign exchange earnings and tax revenues. It undermines the formal mining sector, encourages illegal mining, and contributes to environmental degradation. The illicit trade is linked to money laundering, damaging Ghana’s global financial reputation and deterring foreign investment. By formalizing trade channels and tightening regulatory oversight, the proposed partnership between the Forex Bureau Association and PMMC is poised to mitigate these economic threats and create a more structured and transparent gold market.
The PMMC made headlines this week after laying off employees at its Kumasi, Bole, and Tarkwa branches, citing operational challenges and cost-cutting measures. The move comes as the company restructures ahead of the official launch of GoldBod.
