IBOV 205,082.56 ▲ 0.47% IPSA 10,746.36 ▼ 0.31% IPC MEX 69,879.62 ▼ 0.01% MERVAL 3,017,221 — — COLCAP 2,540.10 ▲ 0.46% BVL PERÚ 57,021.19 ▲ 0.13% USD/BRL5.00▲ 0.62% USD/MXN18.65▼ 0.34% USD/CLP994.76— 0.00% USD/COP3,145▼ 1.32% USD/PEN3.45▲ 0.29% USD/ARS1,529▲ 0.10% USD/UYU40.08▲ 2.99% USD/PYG5,760▲ 3.42% USD/BOB11.78▲ 3.59% USD/DOP61.09▲ 2.49% USD/CRC452.44▲ 2.51% USD/GTQ7.64▲ 3.15% USD/HNL26.87▲ 3.24% USD/NIO36.62▲ 0.04% USD/VES884.01▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.72▲ 2.14% EUR/BRL5.56▼ 1.39% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 205,082.56 ▲ 0.47% IPSA 10,746.36 ▼ 0.31% IPC MEX 69,879.62 ▼ 0.01% MERVAL 3,017,221 — — COLCAP 2,540.10 ▲ 0.46% BVL PERÚ 57,021.19 ▲ 0.13% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Saturday, October 24, 2026

Ghana Africa

Ghana Minority Wants Gold Chief Out 24 Oct

By · October 24, 2026 · 6 min read
Aerial view of high-rise buildings and red-roofed houses in Santa Cruz de la Sierra, Bolivia, at sunset
Santa Cruz de la Sierra seen from the air; Marset was captured in this city on 13 March 2026 (file photo: Parallelepiped09, CC BY-SA 4.0, via Wikimedia Commons)

GHANA · GOLD

Key Facts

  • —The country Ghana is a West African democracy and a major gold producer, led by President John Dramani Mahama of the National Democratic Congress.
  • —What happened On Saturday 24 October 2026, the Ghana Minority caucus demanded that Sammy Gyamfi resign as chief executive of the Ghana Gold Board.
  • —Who is GoldBod The Ghana Gold Board, known as GoldBod, is the state agency that is the sole buyer, assayer and exporter of gold from small-scale miners.
  • —The Minority’s charge The caucus says his remarks suggest small-scale miners can work without the licences and permits that Ghana’s mining law requires, MyJoyOnline reported.
  • —GoldBod’s reply GoldBod said the same day that a viral video was selectively edited and that government policy is not to legitimise illegal mining.
  • —The stakes Gyamfi said on 20 October that GoldBod exported 85.4 tonnes of small-scale gold worth US$11.6 billion from 1 January, Citi Newsroom reported.
  • —Still open Whether President Mahama will act on the demand, and whether Parliament will take any formal step against Gyamfi.

The Ghana Minority, the opposition caucus in Parliament, wants GoldBod chief executive Sammy Gyamfi to resign. It issued the call on Saturday 24 October 2026 over remarks about licences for small-scale gold miners, MyJoyOnline reported.

For US readers, the row matters because GoldBod is the state buyer and exporter of gold from small-scale miners in a major African producer. Any change at the top of the agency could affect how that gold is bought, traced and exported.

What the Ghana Minority Is Demanding

The Ghana Minority is the opposition bloc in Parliament, and its statement was issued in the name of the New Patriotic Party. MyJoyOnline says it came from Kwaku Ampratwum-Sarpong, the Minority’s ranking member on the Lands and Natural Resources Committee.

The caucus wants Gyamfi to resign immediately as chief executive of GoldBod, or to be dismissed. It also asks for an unqualified apology, a government condemnation of his remarks and sanctions against him.

Wide muddy brown river lined by green forest with a canoe carrying people in the distance
The River Pra in southern Ghana, a muddy brown river lined by forest. File photo. (Photo: Efo Komla, CC BY-SA 4.0, via Wikimedia Commons)
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
RT
Ask Rio Times
Latin American markets, currencies and companies.
Open the full Ask Rio Times →

The Remarks and the Law the Minority Cites

A video on social media showed Gyamfi saying small-scale miners could work outside water bodies, forest reserves and roadsides, even unlicensed, Citi Newsroom reported. The Minority asked whether the same would be allowed in schools, churches, mosques, markets, hospitals, Parliament and the law courts.

The statement says this position contradicts the Minerals and Mining Act, 2006, known as Act 703. It cites Sections 9(1) and 82(1) on licensing and Section 89 on setting aside areas for small-scale mining.

How GoldBod Answered

GoldBod issued a press release on Saturday 24 October that rejects the claim that its chief endorsed illegal mining. It said the video came from a March 2026 meeting with small-scale miners and had been edited to strip out context, MyJoyOnline reported.

Gyamfi said on Friday 23 October that mining in water bodies, forest reserves and public places such as roadsides cannot be tolerated or reformed. GoldBod’s communications head, Prince Kwame Minkah, told Channel One TV that formalisation is not a blanket amnesty, Citi Newsroom reported.

A yellow dump truck carrying rock on a dusty haul road at the Ahafo gold mine in Ghana
A dump truck carries rock across a dusty mine floor at the Ahafo gold mine in Ghana. File photo, 2008. (Photo: The EITI, CC BY-SA 2.0, via Wikimedia Commons)

The Formalisation Plan Behind the Row

GoldBod says Gyamfi was describing a policy to document informal miners and move eligible ones into a lawful, regulated system. The agency named a planned programme, the Artisanal and Small-Scale Mining Formalisation and Financing Support Programme.

Partners include the Lands Ministry, the University of Mines and Technology and the Minerals Income Investment Fund, with Rand Refinery SA giving technical support. The stated aims are more gold output, more mineral revenue and more jobs.

What Galamsey Means in Ghana

Galamsey is the Ghanaian word for illegal small-scale gold mining, which has polluted rivers and damaged farmland and forest. The Ghana Minority asks President Mahama for a clear roadmap to end it, as promised before the 2024 elections.

It calls for a state of emergency in what it describes as red-flag galamsey hot spots. It also wants the National Anti-Illegal Mining Operations Secretariat, the anti-galamsey task force, backed by a Legislative Instrument.

Why GoldBod Matters for Gold Flows

Gyamfi told a mining conference on Tuesday 20 October that GoldBod had aggregated and exported 85.4 tonnes of small-scale gold this year, worth US$11.6 billion. He said large-scale mines exported 76 tonnes worth US$11.1 billion in that period, Citi Newsroom reported.

In August, Gyamfi blamed Ghana’s galamsey problem partly on weak formalisation of small-scale mining since 1989, MyJoyOnline reported. He also questioned whether an earlier domestic gold purchase programme could trace where its gold came from.

What It Means for US Readers

US buyers, refiners and investors in Ghana’s gold sector depend on GoldBod’s rules on traceability and licensed sourcing. A leadership fight could slow policy decisions, or sharpen foreign buyers’ questions about where their gold comes from.

The Ghana Minority has also asked for an audit of GoldBod’s records on tracing gold from mine to market. The result of such an audit, if it happens, would matter to any company that buys Ghanaian gold.

What Is Not Known

It is not known whether President Mahama will act on the demand. The presidency had issued no public response in the reports reviewed by the evening of Saturday 24 October.

The video is disputed, with the Minority citing the remarks and GoldBod saying they were edited. The Minority has not said whether it will take the matter to a parliamentary committee or how it would force an audit.

Frequently Asked Questions

Who is Sammy Gyamfi?

Sammy Gyamfi is the chief executive of the Ghana Gold Board, the state agency that buys and exports gold from small-scale miners. He leads the agency under President Mahama’s government.

What does the Ghana Minority want?

The Ghana Minority wants Gyamfi to resign or be dismissed, to apologise without conditions and to face sanctions. It also asks for an audit of GoldBod’s gold-tracing records.

What does GoldBod say about the video?

GoldBod says the viral video was selectively edited from a March 2026 meeting with small-scale miners. It says government policy is not to legitimise illegal mining.

What is galamsey?

Galamsey is the Ghanaian term for illegal small-scale gold mining. It is blamed for polluted rivers and damage to farmland and forest.

Can the opposition force Gyamfi out?

Not by itself, because it is the opposition in Parliament. Its demand is a political call for action rather than a legal order.

Sources: MyJoyOnline, 24 October 2026; MyJoyOnline, 24 October 2026; Citi Newsroom, 24 October 2026; Graphic Online, 23 October 2026; Citi Newsroom, 20 October 2026; MyJoyOnline, 10 August 2026.


The Big Picture

Africa: The New Scramble — why the world’s powers are competing for the continent

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

Africa Intelligence

One email, every weekday morning. African markets, politics and business — filed from our newsroom in Rio.

Yesterday’s subject line: “US draft ends UN force in Western Sahara in 2027”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

Brazil runoff date: Sunday, October 25, poll closing times and when results start

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.