The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced that the institution has suspended the gold buying licence of Dominic Bonsu Ventures over what it describes as multiple breaches of its regulations.
In a Facebook post responding to allegations surrounding the arrest of the company’s proprietor, Sammy Gyamfi said the regulatory action was taken independently of the ongoing criminal proceedings against Dominic Bonsu.
According to him, GoldBod exercised its regulatory powers after determining that the company had failed to comply with the conditions governing its operations.
“Aside the criminal proceedings instituted against the said Dominic Bonsu, the GoldBod under its gold trade regulatory powers, has suspended the gold buying license of Dominic Bonsu Ventures for breaches of the Terms and Conditions thereof and for failing to adhere to GoldBod’s guidelines relative to gold stock-bookings and trade account closure by licensed gold buyers of the GoldBod, among other breaches,” Sammy Gyamfi wrote.
He explained that the criminal case against the proprietor of Dominic Bonsu Ventures arose from commercial dealings between one of GoldBod’s licensed aggregators and the Tier 2 gold buyer.
“The proprietor of Dominic Bonsu Ventures has been arrested and remanded into custody by the High Court in connection with a complaint filed by his Aggregator counterparty,” he said, adding that GoldBod is also pursuing criminal proceedings over what it considers offences under the GoldBod Act, 2025 (Act 1140).
Sammy Gyamfi stressed that the dispute does not involve any financial loss to GoldBod, contrary to claims circulating on social media.
“The subject matter of the arrest and court case arises from commercial dealings between a licensed Aggregator of the GoldBod and a licensed Tier 2 buyer. The case does not involve any amount of GHS200 million,” he stated.
He further clarified that Dominic Bonsu Ventures is one of more than 400 licensed Tier 2 gold buyers and that GoldBod does not conduct direct financial transactions with such entities.
“The GoldBod has no direct financial dealings with the said Dominic Bonsu Ventures. The GoldBod only maintains direct financial dealings with its licensed Aggregators,” he said.
Sammy Gyamfi maintained that none of GoldBod’s licensed aggregators owes the institution money and dismissed claims that the state gold trading company had lost GH¢200 million as “false.”
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