The Importers and Exporters Association of Ghana (IEAG) has called for a level playing field in the operations of the Ghana Gold Board, known as GOLDBOD, warning that current practices may be disadvantaging licensed self-financing gold aggregators.

In a statement signed by its Executive Secretary, Samson Asaki Awingobit, the association commended GOLDBOD for efforts to formalise the gold trade, improve traceability, and strengthen Ghana’s external reserves.

However, IEAG expressed concern over what it describes as a structural conflict of interest, arguing that GOLDBOD’s increasing direct involvement in gold buying and exporting places it in competition with the very operators it regulates.

The association noted that although more than 200 aggregators have reportedly been licensed, only a small number are believed to operate with financial backing linked to GOLDBOD and the Bank of Ghana (BoG), including concessionary or interest-free funding.

In contrast, self-financing aggregators depend on commercial bank loans at high interest rates, a situation IEAG says creates financial imbalance and threatens the survival of private operators.

The association also raised concerns over prolonged due diligence and Know Your Customer (KYC) approval processes, which it says have delayed export clearances for months, resulting in lost contracts, liquidity challenges, and job losses.

IEAG further questioned reports that export proceeds of self-financing aggregators are held for extended periods in BoG or GOLDBOD-linked accounts, describing the practice as disruptive to working capital cycles.

To address these concerns, the association is proposing a risk-based supervisory framework, including escrow or deposit arrangements at the Bank of Ghana for higher-risk offtakers, rather than outright exclusion from export activity.

IEAG emphasised their appeal for GOLDBOD and relevant state institutions to clearly separate regulatory oversight from commercial participation, streamline approval processes, and ensure fairness in Ghana’s gold trading sector.