Mining consultant Wisdom Edem Gomashie has taken issue with Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), over his claim that the state agency purchases gold exclusively from licensed small-scale miners.
In a Facebook post on October 11, 2025, Gomashie described Gyamfi’s remarks as “misleading and hypocritical.”
His reaction follows the CEO’s appearance on TV3’s Key Points, where Gyamfi denied IMANI Africa Vice President Kofi Bentil’s allegation that 85% of GoldBod’s gold comes from illegal mining operations, known locally as galamsey.
Sammy Gyami maintained that GoldBod buys gold from over 2,000 licensed entities and does not engage with illegal miners, though he admitted possible “vulnerabilities in the supply chain.”
Sammy Gyamfi, Kofi Bentil clash over galamsey gold claim
Gomashie, however, argued that this narrative ignores Ghana’s mining history. He explained that the Precious Minerals Marketing Company (PMMC), under the PMMC Act, 1989 (PNDCL 219) and Small-Scale Gold Mining Law, 1989 (PNDCL 218), had long been mandated to buy gold from licensed miners.
“Seeking to create the impression that the Ghana Gold Board Act, 2025 (Act 1140) is a novelty… is misleading,” he wrote.
He noted that GoldBod merely assumed PMMC’s functions under the new law and added that claims of sourcing 20% of gold from large-scale mines overlook systemic illegalities in the sector.
Gomashie estimated that over 60% of declared small-scale gold originates from illegal sources, saying Minerals Commission data shows it “cannot account for even 30% of GOLDBOD’s purchases,” leaving “a huge deficit filled by galamsey.”
“The fact remains that GOLDBOD’s purchases include a chunk of produce from illegal mining sources,” he said, citing John Mahama’s remark that it’s better for the state to buy such gold than allow smuggling.
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He also questioned GoldBod’s traceability, noting that its website lists only regional sources, Ashanti, Eastern, Western, instead of specific mines, contrary to OECD guidelines.
“Are those the same licenses we were told are engaging in illegalities and had led to an increase in galamsey just yesterday?” he asked.
Read his full statement below:
#My comments on Sammy Gyamfi’s remarks on TV3 Ghana Key Points this morning
Dear Sammy Gyamfi
#CLAIM 1: THAT GOLDBOD IS THE ONLY ACT CREATION THAT HAS MADE IT CLEAR TO BUY FROM LICENSED SMALL-SCALE MINES IN GHANA
1. Before GOLDBOD, there was the Precious Minerals Marketing Company (PMMC) as established by the PMMC Act, 1989, PNDCL 219, now repealed;
2. PMMC Act came hand in hand with the Small-Scale Gold Mining Law, 1989, PNDCL 218 (Intent was to formalize the sector then, and PMMC mops up the gold on behalf of the State);
3. Among many objectives of the Act, sections 2b and 2d of the PMMC Act, 1989 stated that, they shall “Buy & Sell Precious Minerals” and “To appoint licensed buying agents for the purchase of precious minerals produced by small-scale miners.” NB: Gold is a precious mineral.
4. The term Small-Scale Miners is deemed a license holder as outlined then by section 1 of the Small-Scale Gold Mining Law, 1989, PNDCL 218, repealed but still upheld by section 82 (1) of the Minerals & Mining Act, 2006, Act 2006.
HENCE, SEEKING TO CREATE THE IMPRESSION THAT, THE GHANA GOLD BOARD ACT, 2025, ACT 1140 IS A NOVELTY MAKING IT THE FIRST BODY MANDATORY TO BUY GOLD FROM LICENSED MINERS AND MAKING IT APPEAR PREVIOUS ADMINISTRATIONS OPERATED IN SPACES NOT BACKED BY LAW IS MISLEADING.
#CLAIM 2: THAT GOLDBOD BUYS 20% WORTH OF GOLD PRODUCED BY SEVEN (7) LARGE-SCALE MINES TO MAKE IT APPEAR ASSERTIONS OF BUYING SOME ILLEGALLY MINED GOLD ELSEWHERE MOOT
1. On 9 August 2022, the then Vice-President, H.E. Dr. Mahamudu Bawumia, engaged the leadership of the Ghana Chamber of Mines at the Jubilee House. The meeting was to get them sell some portions of their gold to the government in line with section 7 of the Minerals & Mining Act, 2006, Act 703 as part of the government’s vision to build Gold Reserves.
2. In a letter dated November 23, 2022, the then Minister instructed all Large-Scale Mining Companies to sell 20% of their produce to the Central Bank through the PMMC at no discount, effective from 1 January 2023. In that same letter, it was clear that, licensed small-scale miners will also sell to the State to support the programme.
https://www.reuters.com/markets/commodities/ghana-orders-mining-firms-sell-20-refined-gold-cbank-vice-president-2022-11-25/
3. In a July 2025 Report, the Ghana Chamber of Mines revealed that, it sold 358,218 ounces of Gold to the Central Bank in 2024 alone under the initiative.
Hence, Sammy Gyamfi’s claim to make it appear novelty and started by him while attacking the previous administration on same is quite misleading.
#CLAIM 3: THAT Ghana Goldbod IS NOT BUYING FROM ILLEGAL MINING SOURCES & RATHER BUYING FROM OVER 2,000 LICENSED SMALL-SCALE MINERS
1. I have always indicated that, from time immemorial, every government of Ghana through PMMC to today’s GOLDBOD has proxied illegally mined gold and has exported for foreign exchange, I stand anytime to defend it;
2. Our State Reports indicates that, Small-Scale Gold Exports stands at 40% averagely. The exports are proxied as production, to mean that, we have no grip on where the gold comes from, mainly at the point of exports;
3. Per my estimations, over 60% of the total gold declared as won by small-scale miners are from illegal sources. My definition of illegal sources includes unlicensed mining operations on restricted & non-restricted area, licensed but unjust mining methods areas, proxy of produce of illegally mined areas in the name of certain licensed areas etc…
4. Check the Minerals Commission, the State regulator of Mining and they cannot account for even 30% of Gold declared by GOLDBOD. Well, poor production record keeping by licensed holders, many non-functional valid licenses may account for some of the valid licenses, the rest cannot and can never be accounted for by the Minerals Commission. The difference between declaration and purchase by GOLDBOD equals a huge deficit which is coming from illegal mining;
Hence, the fact remains that, GOLDBOD’s purchases includes a chunk of produce from illegal mining sources and President John Dramani Mahama recently indicated that, it is better the State buys the illegally mined gold through Ghana Goldbod than same being smuggled. Economic Policy over Environmental Protection Policy.
5. Why hasn’t GOLDBOD listed the sources of their gold as OECD guidelines on responsible mining sourcing requires but rather the buyers? Gold isn’t mined in Gold Shops, it is from the Mine, So Goldbod itself hasn’t showed where their gold comes from;
6. If the CEO of GOLDBOD will attack people as liars, he should immediately produce data on all the licensed small-scale mining firms they buy from. You can’t use licensed buyers as a proxy of buying from licensed Mines, it is misleading and must not be allowed;
7. On Goldbod’s website, they cite their gold sources as “Ashanti, Eastern, Western Regions”; which small-scale mining firm is called any of the above names?
ON MATTERS OF BUYING FROM 2,000+ MINERS
8. Now the current government claims they haven’t signed any small-scale mining licences since they assumed office but jubilates that small-scale mining now accounts for 52% of total gold produced in-country;
9. Since each small-scale mining licence has a term of five (5) years, and the NDC last left office in 2016, it means all the over 2,000 licences claimed by Sammy Gyamfi to be buying from were either renewed by the NPP or granted by the NPP in the past 8 years;
10. Are those the same licenses we were told are engaging in illegalities and had led to an increase in Galamsey just yesterday?
11. What is stopping the government in revoking those licenses?
12. All of a sudden, all those small-scale licenses are operating well and feeding GOLDBOD?
Hence, Sammy Gyamfi claiming that, GOLDBOD is buying from over 2,000 licensed small-scale miners is not only false, but it is an insult to Ghanaians who are all hoping we come together, to regulate small-scale mining and mitigate the current menace at hand. But even in admitting the above, where are they located amd what is their production records?
Also, the hypocrisy of attacking previous administrations of granting licenses and they being the cause of perpetuating illegality and still hiding behind same demand purchase beyond the environmental lungs of the country and attack people with dissenting views is worrying.
#Claim 4: CLAIMS THAT GOLD4OIL & GOLD FOR RESERVES OPERATED ON NON-LICENSED STRUCTURES
1. On Gold4Oil, Gold4 Reserves, the previous administration through the Bank of Ghana outdoored “Responsible Gold Sourcing Policy Framework of the Domestic Gold Purchase Programme’’ which outlined all the legal sources of the gold and every guideline by the OECD principles on responsible sourcing;
2. It is instructive to state that, the Bank of Tanzania under-studied same material to establish their Central Bank’s Gold Buying Programme in October 2024;
3. Also, GOLDBOD prior to its establishment relied on same information to prepare many of their reports.
Hence, it will be misleading for the CEO of GOLDBOD to indicate there wasn’t a proper framework outlined by BoG to source.
In Conclusion:
1. We need accept the fact that, from time immemorial, illegally mined gold gets proxies as legal and exported for gains;
2. Sammy Gyamfi has no moral rights to attack Kofi Bentil as a liar for stating the reality. Sammy saying Goldbod doesnt buy galamsey gold contradicts his boss, the President and makes him rather appear a liar in the eyes of Ghanaians;
3. Traceability of Gold isn’t from gold shops, it must come from the Mine Gates and we must be truthful to ourselves. The previous administration started plans on traceability under a World Bank Sponsorship under the @Ghana Landscape Restoration & Small-Scale Mining Project.
4. Fighting illegal mining cannot be won if State Officials lie about the problems.
Akpe!
GA/MA
Meanwhile, catch this week’s episode of Nkommo Wo Ho, packed with showbiz gist and street buzz here!
