The Chief Executive Officer of GoldBod, Sammy Gyamfi has confirmed that the GoldBod transacts gold at black market dollar rates.
News emerged online of the Goldband illegally transacting at black market rates, leading to backlash against the GoldBod but this was said to untrue.However, the GoldBod CEO, Sammy Gyamfi, reacting to the issue on X, in response to concerns raised by IMANI Vice President, Bright Simons, confirmed that indeed that GoldBod has within the past two weeks m traded with the illegal black-market rates but argued this is to check competition from gold smugglers.
“Gold has always been bought in the local Ghanaian market based on the informal retail forex rate, popularly called ‘black market’ rate since time immemorial,” Sammy Gyamfi responded.The GoldBod CEO further explained why his outfit decided not to trade with the approved central bank rate.
“When I assumed office as Ag. MD of the PMMC on 22nd January 2025, gold was being bought by all market players including public and private entities at a ‘black market rate’ of about GH¢16. What the GoldBod has sought to do is to change this black market buying rate phenomenon which is the primary source of forex trading losses by the BoG, MIIF and other responsible traders through our market regulatory powers.”
“By April 2025, the GoldBod had succeeded in bringing the local buying rate to interbank levels. We managed to sustain local prices at interbank levels for about two months.”“However, due to lack of permanent market regulatory systems, the GoldBod was in the last 2 weeks of June 2025, compelled to raise its buying rate to ‘black market’ levels. This was to deal with extreme competition from smugglers and hoarders who were taking undue advantage of the wide disparity between the interbank rate (GHS10.3) and the black-market rate (over GHS12),” he added.
With increasing backlash from the general public, Sammy Gyamfi assured that the GoldBod will no longer trade at black market rate and will revert to the Bank of Ghana rate.
