The Managing Director of the Precious Minerals Marketing Company, Sammy Gyamfi, has dismissed claims of a conflict of interest in Goldbod’s regulatory and commercial functions.
In a Facebook post on Sunday, March 30, Mr. Gyamfi refuted the assertion that Goldbod is both a regulator and a commercial player.
He stated that such claims are false.
“The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some. It is simply a monopoly in the trading and export of gold. It has no competitors relative to its core function of gold trading and export,” he explained.
Mr. Gyamfi further clarified that the regulatory powers of the Goldbod are solely directed at its licensed agents and not at any competitors, as the company has no direct competitors in its operational framework.
He emphasized that the regulatory oversight of the Goldbod is strictly meant to enforce compliance with its legal framework among authorized service providers, and not to control or regulate external competitors.
This, he said, eliminates any potential conflict of interest.
“For emphasis, the Goldbod will not be regulating competitors but rather, its own licensed agents. Thus, the issue of conflict of interest, does not arise at all,” he noted.
READ FULL STATEMENT BELOW
CLEARING THE MISCONCEPTIONS ABOUT THE GOLDBOD (PART 1)
CLAIM 1: THE GOLDBOD IS A REGULATOR AND A COMMERCIAL PLAYER AT THE SAME TIME. HENCE, THERE WILL BE CONFLICT OF INTEREST IN ITS OPERATIONS.
RESPONSE: FALSE
The Goldbod is not a regulator and a commercial player in the sense or context being canvassed by some.
The Goldbod is simply a monopoly in the trading and export of gold. It has no competitors relative to its core function of gold trading and export.
The regulating function of the Goldbod relates only to its own licensed agents and not competitors.
The regulatory powers of the Goldbod are intended to ensure compliance with its Act and regulations by licensed service providers who trade for and on behalf of the Goldbod for the realization of the objects of the Goldbod.
For emphasis, the Goldbod will not be regulating competitors but rather, its own licensed agents. Thus, the issue of conflict of interest, does not arise at all.
