The Chief Executive Officer of the Ghana Investment Fund for Electronic Communication (GIFEC), Dr Rashid Tanko Computer, has expressed confidence that the country’s new gold trading regulatory system, led by the Ghana Gold Board (GoldBod), will significantly curb illegal Gold trade activities and ensure Ghana reaps full benefits from its mineral resources.
Speaking on Channel One TV’s Breakfast Daily on Tuesday, April 15, Dr Tanko Computer asserted that the unregulated nature of the gold trade under the now defunct Precious Minerals Marketing Company (PMMC) created loopholes that enabled illegal mining, commonly known as galamsey, to thrive.
“Gold business under PMMC was so erratic. The galamsey challenge that we are having now is because of the erratic nature of the gold trade in Ghana. Because anybody who gets hold of gold, whether under proper concession or no concession, can trade the business.
“Because it was not properly regulated in Ghana, they could get away with it. So fighting it was like trying to pass a needle through the eyes of a camel.”
The GIFEC boss welcomed the establishment of the GoldBod, which he said brings a more structured and enforceable framework to Ghana’s gold trading ecosystem.
He affirmed that under the new system, only licensed individuals and entities registered with the GoldBod would be allowed to trade gold, eliminating the previous gaps that permitted unauthorized dealers to operate freely.
“Now PMMC is no more existing, it is gone. The GoldBod has taken over. So all those who were licensed under the PMMC, it is nullified. You will have to register with the GoldBod. This is a path to stop galamsey. We will get to know those who are into buying gold from illegal miners. This initiative is to regulate the gold business so Ghanaians will enjoy the fruit of their labour.”
The establishment of the GoldBod and the annulment of all previous PMMC-issued licences is backed by the Ghana Gold Board Act (Act 1140), which was passed by Parliament on March 29 and assented to by the President on April 2, 2025.
The law grants the GoldBod full authority to regulate, monitor, and licence gold trade activities, particularly within the artisanal and small-scale mining (ASM) sector.
By targeting the demand side of illegal mining, the new directive aims to cut off the market for unethically sourced gold, making it easier for authorities to track and sanction offenders.
Dr Tanko Computer clarified that this approach would offer a more effective pathway to protect Ghana’s environment, including water bodies and forest reserves, which have suffered severe degradation due to galamsey operations.
