Mining Consultant Ing. Wisdom Gomashie has raised serious concerns over aspects of the proposed GoldBod, urging the acting Managing Director of the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi, to reconsider some of its provisions.
In a Facebook post addressed to Gyamfi, the consultant questioned the practicality and potential consequences of the bill, cautioning that its implementation in its current form could lead to an unprecedented rise in gold smuggling in Ghana.
Gomashie questioned whether those advocating for the bill fully understood the gold supply chain in Ghana. He argued that criminalizing gold purchases without clearly defining the source points for government-accredited dealers could create confusion and legal ambiguity.
He further noted that while the bill aims to centralize gold trade under GoldBod, it does not provide a detailed framework for responsible sourcing and traceability, which are essential for enforcing its provisions.
One of his primary concerns was Section 69(1) of the bill, which, in his view, could unfairly penalize individuals who buy gold from sources other than accredited agents. He emphasized that regulating the sector should not mean imposing rigid, draconian laws that fail to account for industry realities.
He also raised questions about whether private individuals holding gold as an investment would be required to obtain licenses, warning that such stipulations could discourage legitimate gold trading.
Gomashie also called on gold dealers and miners to closely examine the bill, urging them to be aware of its implications before it is passed into law.
He warned that if the bill is not carefully structured, Ghana could witness its worst episode of gold smuggling, as traders and miners might find ways to bypass the restrictive regulations.
While acknowledging that the GoldBod initiative builds on the government’s Gold–for–Oil (G4O) program, he advised Gyamfi and other policymakers to ensure that the new regulations do not stifle the industry.
He urged them to strike a balance between effective oversight and practical implementation, emphasizing that regulation should not become
