The board said GoldBod represents an upgrade rather than a cosmetic change of name
The Ghana Gold Board has categorically rejected claims that it is simply a rebranded version of the defunct Precious Minerals Marketing Company (PMMC), describing such assertions as inaccurate and misleading.
According to the Board, GoldBod represents a substantive institutional upgrade rather than a cosmetic name change.
The institution’s mandate, powers, and operational scope far exceed those of the PMMC, positioning it as a strategic public corporation focused on enhancing Ghana’s economic stability through gold sector reforms.
Whereas the PMMC was a company limited by shares, primarily concerned with generating profits for its shareholders, GoldBod has been established to generate foreign exchange for the nation and support the accumulation of gold reserves by the Bank of Ghana.
This shift in purpose underscores the Board’s broader economic mandate beyond profit-making.
GoldBod also enjoys exclusive rights to purchase all artisanal and small-scale mining (ASM) gold in Ghana through licensed traders, a significant departure from the PMMC era when the company competed with private exporters, foreign entities, and other state institutions for access to ASM gold.
In addition to these commercial powers, GoldBod has been vested with extensive regulatory and enforcement authority over the ASM gold sector.
It maintains a standing task force that operates daily to combat gold smuggling and illegal trading, functions that the PMMC never possessed.
Furthermore, the Board has the authority to purchase part or all of the gold output from large-scale mining firms through the government’s preemption rights.
This enables the state to play a more strategic role in the gold market, ensuring that national economic objectives are prioritised.
“The claim that the GoldBod is merely a rebranding of the PMMC is therefore false,” the Board stated, emphasising that its establishment reflects a deliberate policy intervention designed to formalise the gold sector, strengthen regulation, and support Ghana’s foreign reserve accumulation.
By combining regulatory oversight, exclusive buying rights, and enforcement capacity, GoldBod is positioning itself as a modern, robust institution capable of transforming Ghana’s gold sector and delivering tangible benefits to the national economy, far beyond what was achievable under the PMMC.
