Sammy Gyamfi, the Managing Director of the Precious Minerals Marketing Company (PMMC), could face a jail term due to the potential fraudulent activities surrounding the Ghana Gold Board (GoldBod).
The initiative has attracted significant public backlash and is being described by many as possibly the largest fraud the nation will face.
Despite the surrounding controversy, Gyamfi, who is also the NDC Communications Officer, has launched a vigorous defence of the initiative as he leads the PMMC in its implementation.
Parliament has already passed the GoldBod Bill, which is now awaiting presidential assent.
Defence
In response to ongoing criticisms, Gyamfi has taken to social media to clarify the situation with GoldBod.
In a series of posts titled “Clearing the Misconceptions About GoldBod,” he attempted to address various concerns, including the potential conflicts of interest arising from the GoldBod serving as both a regulator and a commercial player, as well as the quick legislative process.
Growing Concern
Despite Gyamfi’s efforts to defend the initiative, many Ghanaians remain convinced that the GoldBod could go down in history as the largest fraud the nation has ever experienced.
One concerned citizen noted that the GoldBod lacks a clear focus, and its members do not possess the necessary expertise.
Additionally, there are concerns that the government is exploiting the situation for financial gain by promoting illegal mining, commonly known as galamsey.
Causing Financial Loss
Many critics argue that it would be prudent for Gyamfi to acknowledge the potential for GoldBod to incur significant losses in the gold-buying market from the outset.
As a young leader, he has been urged to exercise caution and avoid being manipulated by politicians into unethical practices, as this could lead to serious consequences when the government changes. He could face imprisonment for causing financial loss to the state.
Gyamfi has also been advised to learn from the corruption associated with the Minerals Income Investment Fund (MIIF) and the ongoing investigations into past management to avoid repeating those mistakes.
Cartel
There are widespread beliefs among Ghanaians that the GoldBod will operate like a cartel, with prominent members of the NDC and individuals who financed the party’s campaign deeply involved in its questionable operations.
Many hold the view that plans may be in place to use a private jet for smuggling gold out of the country under the GoldBod’s purview.
Promotion of Galamsey
Furthermore, there is a strong concern that the GoldBod will encourage galamsey activities.
Some officials from the NDC government and their supporters are reportedly engaged in illegal mining within forest regions.
With President Mahama unable to fulfill his promise of providing jobs for these supporters, there is a fear they may feel compelled to resort to galamsey as a means of survival.
