Goldbod’s receipts directive signals market failures– Ing. Gomashie

Mining consultant, Ing Wisdom Gomashie, has criticised Ghana GoldBod’s new directive to all licensed gold buyers to issue official receipts from the GoldBod for every transaction, saying such a directive signals deeper market failures.
He argues that in a fair gold market, where price is freely determined by market dynamics, GoldBod may not need to issue this administrative directive, because what it means is that there is a huge threat against the operations of GoldBod.
The directive, which took effect Monday, August 18, among others, requires licensed aggregators, self-financed aggregators, and Tier 1 and Tier 2 buyers to use GoldBod-issued receipt booklets in the purchase and sale of gold.
But Ing Gomashie, in an article copied to the media, insists, there are varying reasons that underlined the new directive that, if not handled well, could have dire consequences on the success of the GoldBod.
The mining engineer mentioned that the directive “could be that, Goldbod has seen a drop in trade volumes over a short period and suspects something fishy even amongst their own aggregators and maybe can’t tell Ghanaians now,” among others.
He warned that the management of Goldbod “should be careful on how they manipulate the prices of gold even in the face of the currency appreciation”, adding that, “they should pay the miners international prices as the karata may dictate”.
Below Is Published, The Full Article:
“Behind the Receipts: Why GOLDBOD’s Directive Signals Deeper Market Failures”
Ing. Wisdom Gomashie writes:
To Ghana Goldbod Sammy Gyamfi,
Your press statement dated August 18, 2025, where you sought to demand that, licensed buyers issue GOLDBOD receipts for all purchases, seems administrative and we won’t fault you on that.
However, take note of the following, please:
In a fair gold market, where price is freely determined by market dynamics, GoldBod may not need to issue this basic administrative directive, what this release means is that, THERE IS A HUGE THREAT against the operations of GoldBod, hence, the unleashing of taskforce and inspectors. Let us look at possible reasons for this directives:
1. Could be just administrative; but if so, why now after months of operations? Ok, maybe a reminder;
2. It could be that, GOLDBOD has seen a drop in trade volumes over a short period and suspecting something fishy even amongst their own aggregators and maybe can’t tell Ghanaians now;
3. It could be that, it is Charade by your institution to appear to international bodies and frameworks that, you are compliant to the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, while you don’t even know where most of your products comes from. Traceability per OECD enjoins that, you should be able to trace every ounce of gold to the Mine of Origin AND NOT “GOLD SHOP OF ORIGIN”. Previous governments in Ghana haven’t achieved this and do not create an impression that, receipting of gold purchases means TRACEABILITY as peddled.
4. It could also be that GoldBod is faced with price-tussle, mistrust, among its own appointed aggregators and possibly, maybe suspecting that, they are undertaking dealings with State Funds behind its framework….
5. It could also be that, GOLDBOD wants to track who sells what to which aggregator, and where does that, aggregator takes that product to, maybe not to GOLDBOD….
6. Per my estimations, Aggregators financed by the State may in some cases divert gold purchased by State funds, sell to a higher bidder than Goldbod, make between 10% - 20%, repeat the cycle for 2 or 3 times before delivering goods to GoldBod and even at a higher price than intended if there are fluctuations. This may happen with or without the support of the top management of GoldBod.
My list of suspicions is endless….
Why is this possible to happen and why is GOLDBOD now chasing receipts?
1. I repeat and shall repeat again, GOLDBOD should be careful on how they manipulate the prices of gold even in the face of the currency appreciation (see my next post)
2. The exchange rate used by GOLDBOD though not contesting it, recent comments by IMF/World Bank and forex payment activities indicates that, the rate used MAY NOT BE MARKET-COMPETITIVE;
3. In a country where over 60% of gold from the small-scale mining sector is either mined or sourced inappropriately or illegally and further proxied as legal an exported for foreign exchange for government’s economic policy MAY NOT HAVE THE MORAL RIGHTS to criminalize the possession of gold without a permit from GOLDBOD, which GOLDBOD, the institution which do not even know where its gold come from? Think about it….
4. You can’t criminalize hoarding of gold held by individuals and be asking for receipts for transactions, the gold isn’t for you, it is their investments, they won’t issue any receipts for you to trace them, think about it,
5. You can’t manipulate prices and expect that, buyers and sellers won’t find a common ground to cause you losses…
What GOLDBOD needs to do…
1. They must liberalize the markets while keeping firm grips on regulating role, the monopoly will cripple the institution in the long run as the smuggling cartels are currently thriving, wooing miners with good prices….
2. They should pay the miners international prices as the karata may dictate….
3. Decentralize GoldBod offices across all the mining regions/district in Ghana. Bringing formalization with their licensing and monitoring to their doorstep…. Closed PMMC offices should be re-opened, there is no sense to have a miner move from Tarkwa to Accra for Gold Trading Permit.
4. Be preparing to phase off state financing of gold purchase, it may sound stupid now, but archive this. Goldbod and Bank of Ghana should see the gold purchasing not only as a commercial activity, but a bit of reserve accumulation. Smugglers have the mindsets of central banks, they buy to accumulate and wait for boom cycles and will pay anything go have them today.
Source: classfmonline.com/Cecil Mensah
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