At the Kimberley Process Ministerial Meeting in Dubai, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, delivered a pointed address, linking diamond‑sector reform to Ghana’s broader economic ambitions and signaling the country’s readiness to deepen its role in the global precious‑minerals market.
While the CEO framed his speech around ethics and governance, his remarks carried economic implications. He cautioned that “the moral cost of inaction continues to rise,” underlining that Ghana views reform as not only a political necessity, but an economic one.
He emphasized that “consensus must be a path to progress and not a recipe for paralysis,” urging participants to “take steps, however modest, to strengthen the credibility, relevance and moral authority of this Process.”
Ghana’s approach, he said, balances reform with pragmatism, calling on fellow members to “focus on areas of convergence, listen carefully … and pursue solutions that protect vulnerable populations, while safeguarding legitimate trade.” In so doing, Ghana places itself as a responsible partner that recognizes the economic value of regulated diamond trade and the reputational and fiscal risks of lagging.
Ghana’s diamond sector remains largely artisanal, and the country has not announced major state-led investments into large-scale diamond mines. Instead, its engagement is more regulatory and policy-driven. By pushing for stronger oversight under the Kimberley Process, Ghana is laying the groundwork for more ethical and traceable diamond production, an important signal to ESG-sensitive investors and international buyers.
This move also positions Ghana to attract investment, capture greater value from its diamond resources, and protect both its reputation and revenue. Coupled with its success in centralizing and formalizing gold exports through GoldBod, Ghana leverages its precedent in gold to build credibility in advocating for similar reforms in diamonds.
Indeed, while diamonds currently play a more modest economic role compared to gold, government has simultaneously implemented sweeping reforms in the gold sector. Through GoldBod and the Precious Minerals Marketing Company (PMMC), the country generated $8.06 billion in foreign exchange from small-scale gold exports between January and October 15, 2025.
This surge is credited to tighter regulation, improved traceability, and stronger compliance. Furthermore, GoldBod’s impact extends to Ghana’s macroeconomic stability. According to the Ghana Gold Board, foreign‑exchange inflows from gold are helping boost the country’s reserves, with the Bank of Ghana acknowledging GoldBod’s role in rebuilding reserves following previous crises.
