Date: August 19, 2026
By: Ebenezer Adugyamfi/ Emmanuel Ayiku for GhanaianNewsCanada
Policy analyst and natural resource governance expert Dr Steve Manteaw has claimed that much of the opposition directed at the Ghana Gold Board (GoldBod) stems from its efforts to eliminate long-standing loopholes that allowed billions of dollars’ worth of Ghana’s gold to leave the country without proper accountability.
According to Dr Manteaw, the establishment of GoldBod has disrupted a system that previously enabled significant illicit financial flows from Ghana’s small-scale gold sector, making it unpopular among individuals who allegedly benefited from the old arrangement.
His comments come at a time when GoldBod and its Chief Executive Officer, Sammy Gyamfi, are facing intense political scrutiny over the institution’s financial performance, transparency and the management of Ghana’s domestic gold trade.
The US$5 billion question
In a social media post, Dr Manteaw revisited figures publicly disclosed in 2018 by former Senior Minister Yaw Osafo Marfo, who revealed that Ghana exported approximately US$7 billion worth of gold to the United Arab Emirates (UAE) but could account for only US$2 billion of that amount.
According to Dr Manteaw, the unexplained US$5 billion represented one of the largest revenue leakages in Ghana’s mineral sector.
He argued that those who profited from the unaccounted exports are now uncomfortable with reforms introduced through GoldBod because the institution has begun closing the loopholes that made such losses possible.
Rather than viewing GoldBod as the problem, Dr Manteaw believes the focus should be on preventing the country from losing billions of dollars through weak oversight and illegal gold exports.
Gold smuggling and illicit financial flows
Dr Manteaw also cited estimates from Corruption Watch, which suggest that illicit financial flows from Ghana’s small-scale gold sector amount to approximately US$6.4 billion annually.
He described the figure as alarming and argued that Ghana cannot continue losing such enormous sums while depending heavily on gold as one of its largest sources of foreign exchange.
According to him, strengthening regulation of artisanal and small-scale mining is essential if the country hopes to maximise the economic value of its mineral resources.
He therefore urged Ghanaians to support efforts aimed at plugging loopholes within the gold trade, even if those reforms face resistance from powerful interests.
GoldBod at the centre of political debate
The analyst’s intervention comes amid a heated political battle over GoldBod’s operations.
Minority Leader Alexander Afenyo-Markin has repeatedly questioned the institution’s financial performance and called for greater parliamentary scrutiny over reported losses associated with Ghana’s gold purchasing programme.
The Minority has argued that GoldBod must fully account for its transactions and explain concerns surrounding losses highlighted in discussions about the Domestic Gold Purchase Programme (DGPP).
GoldBod, however, has rejected suggestions that it incurred the losses being attributed to it, maintaining that the programme predates the establishment of the institution.
Sammy Gyamfi defends the institution
GoldBod CEO Sammy Gyamfi has consistently defended the institution’s record, insisting that GoldBod has strengthened Ghana’s gold trade rather than weakened it.
He has argued that the Board has improved accountability, reduced gold smuggling and increased the amount of foreign exchange generated from artisanal and small-scale mining.
Mr Gyamfi has also challenged his critics to invite him before Parliament’s Public Accounts Committee, saying he is prepared to answer questions about GoldBod’s finances and operations at any time.
The ongoing exchange has made GoldBod one of the most closely scrutinised state institutions since its establishment in 2025.
Why GoldBod was created
The Ghana Gold Board (GoldBod) was established by Parliament to regulate the purchase, trading and export of gold produced by licensed artisanal and small-scale miners.
Its primary objectives include reducing illegal gold trading, improving traceability, increasing government revenue and strengthening Ghana’s foreign exchange reserves through better management of the gold sector.
Government officials have argued that centralising aspects of the gold trade will make it more difficult for smugglers and illegal exporters to divert gold away from official channels.
Supporters of the policy believe this could help Ghana retain more value from one of its most important natural resources.
Reform often comes with resistance
Dr Manteaw acknowledged that efforts to combat illicit financial flows are rarely welcomed by everyone.
He warned that reforms capable of protecting public revenue often threaten entrenched interests and therefore attract strong opposition.
“Let’s all support efforts to stem illicit financial flows in our mining sector, and let’s be mindful of the fact that these efforts will come at a cost,” he stated.
His remarks suggest that criticism of GoldBod should be examined alongside the broader historical challenges of gold smuggling and weak accountability within Ghana’s mining industry.
The bigger picture
Gold remains one of Ghana’s largest export commodities and a critical source of foreign exchange for the national economy.
Successive governments have struggled to address illegal exports, under-declaration of gold shipments and revenue leakages within the sector.
The debate surrounding GoldBod therefore extends beyond partisan politics.
It raises broader questions about how Ghana can strengthen oversight of its mineral resources while ensuring transparency, accountability and public confidence in the institutions managing the country’s gold wealth.
As the political exchanges continue, Dr Steve Manteaw believes one point should not be overlooked: closing loopholes in Ghana’s gold trade may be uncomfortable for those who benefited from the old system, but it is essential if the country is to stop losing billions of dollars in mineral revenue.
