A fresh storm has erupted in the state-linked gold sector following revelations that National Democratic Congress (NDC) Communications Officer, Sammy Gyamfi, is serving simultaneously as the Chief Executive Officer (CEO) of GoldBod Limited and the Board Chairman of its subsidiary, GoldBod Jewelry Limited — a governance structure experts say violates both SIGA principles and international corporate best practices.

The Rise of GoldBod And Its Subsidiary

GoldBod Limited, a government-backed gold trading and export logistics firm, was established to promote transparency in Ghana’s mineral value chain and curb smuggling.

Its subsidiary, GoldBod Jewelry Limited (formerly PMMC Jewelry), was restructured earlier this year with a government-backed capital injection of GH₵30 million to retool and expand the gold refining and jewelry manufacturing operations.

In November, Deputy Finance Minister Thomas Nyarko Ampem inaugurated a new five-member board for the jewelry subsidiary, led by Sammy Gyamfi as Chairman, alongside Gertrude Emefa Donkor, Dr. Edem Cudjoe Amengor, Richard Kwamina Prah, and Adwoa Amankwaah Boateng Appiah.

The Deputy Minister lauded the move as a step towards value addition and job creation within the gold industry.

However, the appointment of Sammy Gyamfi as both CEO of the parent company and Board Chairman of its subsidiary has since attracted widespread criticism from governance experts, opposition voices, and sections of the public who view the arrangement as a conflict of interest and a violation of corporate ethics.

Governance Conflict

Critics argue that Sammy Gyamfi’s dual role represents a dangerous concentration of power that undermines transparency and accountability within the two entities.

In series of post on social media, the members of the opposition New Patriotic Party, NPP insist that a CEO cannot chair the board of a subsidiary, since the board’s primary function is to provide oversight over management—a role that becomes meaningless when both positions are held by the same person.

According to the State Interests and Governance Authority (SIGA) Code of Corporate Governance, the separation of roles between CEO and Board Chair is a fundamental safeguard against conflict of interest and insider dealings.

Similarly, the Companies Act, 2019 (Act 992) emphasizes the need for independent directors to ensure objective oversight of management decisions.

Some warn that Sammy Gyamfi’s setup creates a closed loop of unchecked authority, allowing him to both make and approve critical financial and procurement decisions.

In GoldBod’s operational framework, the parent company oversees gold aggregation, export logistics, procurement, and financial flows, while the subsidiary manufactures jewelry from refined gold—a structure that demands strict independence to prevent transfer pricing manipulation and self-dealing.

Critics Sound the Alarm

They have questioned how pricing and valuation between the two entities are being monitored. “If GoldBod supplies gold to GoldBod Jewelry, who approves the transfer prices? The same person—Sammy Gyamfi,” one critic noted, warning that such an arrangement could allow unverified internal pricing, loss-shifting, and hidden liabilities between the two firms.

Others allege that the governance structure could be a cover for risk-shifting and the creation of obscure cost centers—a tactic often used to hide unprofitable operations within subsidiaries.

“This is how corporate power is abused,” one industry insider said. “You can propose procurement as CEO and approve it as Board Chair. There’s no independent check, no audit trail, and no accountability.”

GoldBod’s Defense: ‘A Strategic Leadership Model’

In response to the backlash, some defendersof Sammy Gyamfi say the dual role as a “strategic and efficient governance model” tailored to Ghana’s business environment.

They argued that the arrangement promotes coherence and faster decision-making, ensuring that both the parent company and its subsidiary work seamlessly toward shared goals.

The claimed that the SIGA guidelines allow flexibility in governance structures, especially in industries requiring quick operational alignment. “Governance models are not one-size-fits-all,” adding that Sammi Gyamfi’s leadership had produced growth creation.p share, brand recognition, and job creation.