The Gold Buyers Association in the Western Region has raised concerns over what its members describe as increasingly difficult and unfavourable conditions confronting licensed gold buyers under the current Ghana Gold Board (GoldBod) regulatory regime.
The concerns were raised during a stakeholder engagement hosted by the Tarkwa Gold Buyers Association, which brought together gold buyers from across the Western Region, including representatives from Bogoso, Asankrangwa, Wassa Akropong, Agona Nkwanta, Nzema East, Jomoro, Amenfi East and Mpohor.
Participants said recent directives, regulatory changes and enforcement measures introduced by GoldBod had created uncertainty and increased pressure on their businesses.
They questioned how licensed operators were expected to remain commercially viable under the emerging regulatory framework while complying with the requirements of the sector.
Task Force Operations
A major concern raised at the meeting related to the operations of GoldBod task forces.
The buyers alleged that frequent interventions and enforcement operations by the task forces were making it increasingly difficult for licensed operators to conduct their businesses.
They warned that the situation could have wider implications for the grassroots gold-trading sector, particularly in mining communities where gold buying remains an important economic activity.
The association did not oppose regulation of the sector, however, stressing that its members support measures aimed at sanitising the gold industry and ensuring greater accountability.
They maintained that such measures should equally provide legitimate and licensed gold buyers with a workable environment in which they could operate, survive and contribute to the economy.
Buyers Appeal to Sammy Gyamfi
The association has consequently appealed to GoldBod Chief Executive Officer Sammy Gyamfi to engage gold buyers more extensively and address their concerns.
Members want greater clarity on the regulatory framework and a review of policies and enforcement measures they believe are adversely affecting legitimate operators.
Some participants also said a number of gold buyers were supporters and stakeholders of the governing administration and warned that prolonged dissatisfaction within the sector could have political consequences. This was presented by participants as a concern rather than an established assessment of political impact.
The buyers said dialogue between GoldBod and operators would be critical to building a regulatory system that protects the integrity of Ghana’s gold industry without pushing legitimate businesses out of the sector.
Their demands centre on three issues: dialogue, regulatory clarity and workable policies that balance enforcement with the commercial survival of licensed gold buyers.
