Latest news with #SammyGyamfi
Trade Arabia
2 days ago
- Business
- Trade Arabia
Ghana exports $4bn gold from ASM sector in four months
The West African nation of Ghana purchased and exported $4 billion worth of gold from the artisanal and small-scale mining (ASM) sector between February and May, according to Sammy Gyamfi, Managing Director, Ghana Gold Board. Speaking at the Mining in Motion 2025 Summit held in capital Accra, Gyamfi said gold purchasing and exportation was made through the newly established Ghana Gold Board, aimed at curbing illicit gold trading in Ghana. "Gold exports from ASM players have exceeded exports from the large-scale sector for the first time. Total gold exported from the ASM sector between February and May reached a new record of 41 tons," he stated. According to Gyamfi, the milestone has increased foreign currency contributed by the ASM sector for the government with in May 2025 alone the sector producing and exporting 11 tons of gold worth up to $1,172 billion in export revenue. "The data shows the potential of the ASM if properly annexed," he added. He also announced various upcoming initiatives aimed at empowering the ASM sector and its contribution gold sector expansion while addressing illicit mining. These include launching an ASM skills training program in September 2025 and investments in the Community Mining Scheme operated by the Ministry of Lands and Mineral Resources. According to Gyamfi, the Ghana Gold Board will also be launching an Anti-Smuggling Taskforce to address illicit export of gold and a gold tokenisation facility to maximize traceability of Ghanaian resources.
Zawya
3 days ago
- Business
- Zawya
Ghana Gold Board Reports $4 Billion in Revenue from Artisanal and Small-scale Mining (ASM) Sector in Four-Month Period
Ghana purchased and exported $4 billion worth of gold from the artisanal and small-scale mining (ASM) sector between February and May 2025, according to Sammy Gyamfi, Managing Director, Ghana Gold Board. Speaking at the Mining in Motion 2025 Summit on Tuesday, Gyamfi said gold purchasing and exportation was made through the newly established Ghana Gold Board, aimed at curbing illicit gold trading in Ghana. 'Gold exports from ASM players have exceeded exports from the large-scale sector for the first time. Total gold exported from the ASM sector between February and May reached a new record of 41 tons,' he stated. According to Gyamfi, the milestone has increased foreign currency contributed by the ASM sector for the government with in May 2025 alone the sector producing and exporting 11 tons of gold worth up to $1,172 billion in export revenue. 'The data shows the potential of the ASM if properly annexed,' he added. He also announced various upcoming initiatives aimed at empowering the ASM sector and its contribution gold sector expansion while addressing illicit mining. These include launching an ASM skills training program in September 2025 and investments in the Community Mining Scheme operated by the Ministry of Lands and Mineral Resources. The Ghana Gold Board will also launch an Anti-Smuggling Taskforce to address illicit export of gold and a gold tokenization facility to maximize traceability of Ghanaian resources. The board also plans to establish an international standardization facility in the country by 2026 to ensure responsible sourcing and sustainability across the entire gold value chain. Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
24-05-2025
- Business
- Yahoo
Ghana to double small-scale gold mining output, expects $12bn annual revenue
The Government of Ghana anticipates annual revenues of $12bn (139.41bn cedis) from small-scale gold mining, if the output from its small-mine and artisanal mining operations is doubled as planned, according to a Bloomberg report. The recent surge in gold exports, driven by soaring international prices, has been largely attributed to the contributions of small-mine and artisanal production. To streamline operations and combat illicit trade, the Ghana Gold Board was established this year to oversee all gold transactions, aiming to enhance foreign-currency reserves. Ghana Gold Board CEO Sammy Gyamfi was quoted as saying: 'Our goal is to move above three tonnes [t] a week in purchases, up from about 1.5t a week in January.' 'We expect to be able to bring in about $6bn by the end of this year, but we are confident that we will reach the $12bn in annual inflows from next year.' Following a debt default in 2022, Ghana has been excluded from international capital markets. Nevertheless, the country is capitalising on its primary foreign exchange earner amidst rising gold prices, which are currently trading near $3,300/oz, the report said. Last year, Ghana's gold exports experienced a surge of more than 50%, amounting to $11.6bn, solidifying its position as Africa's leading gold producer. Despite representing roughly one-third of the nation's gold output, small-scale mining has contributed to an uptick in black market trading. To address this, the Ghana Gold Board has intensified its gold acquisitions from artisanal miners, as Gyamfi highlighted in an interview in the capital of Accra. He emphasised that the anticipated revenue growth from small-mine production would positively influence inflation, gross domestic product and the foreign component of Ghana's debt profile. Earlier this month, the Ghana Gold Board successfully negotiated with nine additional large-scale mining companies to procure 20% of their gold production. This move is part of the Bank of Ghana's domestic gold purchase programme, aimed at bolstering the country's gold and foreign reserves. These agreements extend beyond the initial cohort of mining companies involved in the central bank's scheme, marking a significant expansion of the national gold procurement strategy. "Ghana to double small-scale gold mining output, expects $12bn annual revenue" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
12-05-2025
- Politics
- BBC News
Who be Sammy Gyamfi wey Ghana president dey under pressure to punish and why?
One goment official - Sammy Gyamfi dey face pressure for Ghana afta one viral video ova di weekend show how im dey count plenty dollar notes from im car wey im dash one controversial woman preacher. Inside di video wey bin dey trend, di CEO of di gold board and di popular preacher Nana Agradaa from one event bin dey chat wen dem take pictures near di goment official im car. Na so afta dem take di picture, she ask for money wia Sammy Gyamfi enta di car to count di dollar notes for her. Nana Agradaa bin dey shout say make di CEO give am all di dollar notes; afta she show di moni wey im collect from Sammy Gyamfi to di cameras. Many pipo don tok say wetin Sammy Gyamfi do dey "inappropriate" for pesin wey be goment official under President John Mahama wey tok say im no go tolerate opulence and luxury lifestyle from im appointees. Tori be say di kontri Chief of Staff Julius Debrah don summon Sammy Gyamfi to di seat of goment to answer questions about dis mata. Wetin dey inside di code of conduct Only last week, di president bin launch code of conduct for im public officers wey go regulate how dem dey behave for public office. Among oda tins, di president tok say "dis code na bold declaration of di standards we get to uphold as servants of di public." President Mahama also tok say "all political appointees get to avoid opulence wia dem get to be accountable for di use of public funds. "Dem for show humility and respect di citizens," di president tok during di launch of di document. Goment officials wey no comply wit di code of conduct fit face sanctions from public apology to dismissal. Sammy Gyamfi issue apology Afta pipo don put pressure on top di gold board CEO, im write apology on top im social media page. Sammy Gyamfi write say, "dis na kind gesture to fellow human being; like how I bin dey lend helping hand to di needy." "I tink say I just dey show kindness for private, I no sabi say dis tin go enta di public space. Dis na unfortunate and regrettable tin." Sammy Gyamfi add say, "I see how dis tin don vex party members, I dey apologise for dis unfortunate act of indiscretion." Despite dis, pipo still tok say make di president sanction am. Anoda reason dis tin dey vex most pipo na sake of di woman preacher (Nana Agradaa) wia Sammy Gyamfi dash di moni be controversial pesin wey bin tok say she repent from being fetish priestess to become woman of God. Pipo and ogbonge civil society groups wan make di president take action Na so many pipo dey tok say wetin di CEO of Gold Board Sammy Gyamfi do na wrong tin. Di Ghana integrity initiative (GII) tok say President Mahama need to take serious action for dis mata. Executive director Mary Adda say, "dis na opportunity for di president to show say im mean business. Im get to use dis mata to show say im dey committed to ethical governance." Oga for di IMANI center for policy and governance Franklin Cudjoe say, "dis na difficult tin. E dey clear say di moni dey above GHc 20k ($1,500). Sammy get to answer questions to us and di president." Members of im own party don dey tok say im no try for dis mata. Former NDC MP for Kumbungu Ras Mubarak bin write on top im social media say "you no fit justify dis mata, as public officer dey dash forex (dollars) especially at di time di cedi don dey do well, even if im earn di money, dis fit to affect di local currency and di economy." "Sammy Gyamfi im error of judgement fit cause lack of confidence for di cedi; such tins fit affect di value of di cedi," Ras Mubarak write. Pipo dey wait wetin di president go do about dis mata, sake of Sammy Gyamfi na ogbonge pesin wey help di goment win election. Sammy Gyamfi profile Oga Sammy Gyamfi na lawyer wey be national tok-tok pesin for di national democratic congress (NDC). During di campaign, im lead di party to fire di goment well well on top media platforms and oda places. Im criticize di former Akufo-Addo goment say dem spend di kontri moni on lavish lifestyles and oda tins. For di party, im na wetin sabi pipo describe as "darling boy". Afta di party win elections, di president bin appoint am as di CEO of di gold board. Since im become oga for di gold board, dem ban foreigners and oda pipo from trading for di local gold market for Ghana. Di only body wey fit deal for di trading of gold na dis gold board, wey dis na to "strengthen industry laws and for national benefits."
