GoldBod CEO Pushes New Mining Compact that Involves Communities, Protects Environment, and Expands Local Ownership

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has called for a complete rethink of the social licence to operate in Ghana’s mining sector.

According to him, communities that host gold must no longer be treated as land donors but as economic shareholders and development partners.

Delivering the keynote address at the National Mining Dialogue 2026 in Accra on August 18, on the theme “Rethinking the Social License to Operate,” the CEO said the social licence cannot survive where mining communities live with poverty, poor roads, lack of potable water and youth unemployment while wealth leaves their land.

He said the establishment of GoldBod by the NDC/Mahama government was meant to change that story.

GoldBod’s mandate, he said, is not merely to trade gold but to help ensure every ounce produced in Ghana creates greater value for Ghana through local retention, reserve strengthening, downstream industries and formalisation of artisanal and small-scale mining.

Linking the social licence directly to the youth question, he warned that it is not fair or sustainable for young people in mining communities to see themselves only as casual labourers and bystanders.

He proposed a new compact anchored on what he called the IPE model – Involve, Protect, Expand.

Under Involve, he said mining communities must become consent providers, have a meaningful voice in licensing, benefit from higher and more decentralised royalty retention, predictable corporate social responsibility contracts, and clear commitments on local jobs, services, enterprise and infrastructure.

He said Ghana must deliberately support indigenous ownership of mines after more than a century of foreign-led large-scale mining.

Under Protect, he said water bodies, forests, farmlands and public health must be non-negotiable. Reclamation and reforestation must be mandatory and enforced, ASM formalisation and traceability must separate responsible miners from destructive actors, and culprits of irresponsible mining must be prosecuted.

Under Expand, he said Ghana must support Ghanaian capital across exploration, production and services, build local refining and jewellery fabrication, and support responsible ASM operators with appropriate hard-rock equipment tied to GoldBod’s aggregation system.

He cited data to underline gold’s strategic role, noting that in 2025 Ghana exported about US$32.0 billion in merchandise, with gold accounting for about US$20.2 billion or 63.1 per cent, driving trade surpluses, reserves and currency stability.

He also noted that Ghana produced about 5.94 million ounces of gold in 2025, with ASM contributing about 3.11 million ounces or 52.4 per cent, overtaking large-scale for the first time.

Outlining what GoldBod is doing, he said the Board has exported about 170 tonnes of ASM gold through formal channels from 2025 to date, generating over US$17 billion in foreign exchange, and has refined nearly nine tonnes locally this year.

He said GoldBod has made local gold trading the preserve of Ghanaians and is preparing to establish a Ghana Gold Village through GoldBod Jewellery Limited, roll out a gold tokenisation programme in 2027 for fractional citizen ownership, and commence construction of an ultra-modern ISO-certified National Assay Laboratory at the Aviance Cargo Village by November 2026.

He said GoldBod has donated pick-ups and GH¢5 million to the National Anti-Illegal Mining Operations Secretariat, NAIMOS, is procuring high-spec speed boats for operations on water bodies, and will, by the end of the year, contract a technology-driven traceability system.

Under sustainability, he said GoldBod has started reclamation of 50 hectares in the Tano Nimri Forest Reserve and plans 100 hectares more next year, and is fully funding rehabilitation of three water treatment plants at Daboase, Sekyere Hemang and Bonsa serving over 76 communities and 100,000 users, with three more at Kwanyako, Baifikrom and Essagyir next year.

He added that from July 1, 2026, the Government has shifted from 20 per cent offshore acquisition to 30 per cent local acquisition of large-scale mining output under the Ghana Accelerated National Reserve Accumulation Programme, GANRAP, to feed local refineries and move toward LBMA certification.

He said GoldBod is also partnering with the Ghana Geological Survey Authority to undertake geological studies at Funsi in the Upper West and Bensere in the Ashanti Region to de-risk investment and expand the mining base.

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