Chief Executive Officer of the Ghana Gold Board, Sammy GyamfiChief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has criticised the gold-buying regime under the previous New Patriotic Party (NPP) administration, claiming that some companies involved in purchasing gold operated without formal contracts with the state. According to him, the arrangement also allowed gold-buying companies to adjust exchange rates to recover their operational costs, creating weaknesses in the system. “Gold-buying companies under the erstwhile NPP government: there was no contract, and the companies were adjusting the exchange rate to settle their costs,” he said. As part of the reforms, he said GoldBod is profiling licensed gold-buying companies to establish the sources of the gold they purchase and improve traceability within the sector. He maintained that the reforms would help address weaknesses in the previous gold-buying arrangement and ensure that Ghana derives greater value from its mineral resources.