GoldBod has cut gold price discount by over 10% - Sammy Gyamfi

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), stated on Sunday, August 9, on X Spaces that reforms introduced by GoldBod have reduced the discount applied to gold traded in Ghana by more than 10 per cent. He said, "GoldBod has been able to discount the price of gold in Ghana by more than 10%." This action helps the country retain more value from its gold resources.

According to Mr Gyamfi, this improvement in pricing is among the gains recorded since GoldBod assumed responsibility for the domestic buying and selling of gold. The reforms were designed to address inefficiencies in the domestic gold market and ensure that locally produced gold is appropriately priced. He explained that reducing the discount means producers and the country can retain more of the value generated from the precious mineral. Mr Gyamfi also cited other measures being implemented by GoldBod, including the profiling of licensed gold buyers to improve traceability, tighter monitoring of gold trading activities, and efforts to increase the local refining of Ghanaian gold.