The Ghana Gold Board (GoldBod) has stopped receiving funds from the Bank of Ghana (BoG) to finance its gold purchases, marking a major change in how the state gold-buying agency funds its operations.
Chief Executive Officer of GoldBod, Sammy Gyamfi, said the institution has since March 2026 moved away from its previous arrangement with the central bank and is now raising funds independently to finance gold aggregation.
During an X Space, Sammy Gyamfi explained that GoldBod inherited the buying-agent role previously performed by the Precious Minerals Marketing Company (PMMC) under the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP).
According to him, GoldBod continued with the arrangement for about a year after its establishment in April 2025, with the Bank of Ghana providing the funds required for gold purchases.
“Since March 2026, GoldBod has ceased receiving funds from the Bank of Ghana to purchase gold on its behalf,” Mr Gyamfi said.
He explained that the institution has since adopted a financing model that allows it to raise funds directly from commercial banks and offtakers to support its gold purchases.
Mr Gyamfi said the new approach has helped GoldBod become more operationally independent while maintaining its gold aggregation activities for export and reserve accumulation.
BoG to step back from forex intermediation
The GoldBod CEO also disclosed that the institution has asked the Bank of Ghana to discontinue its role as an intermediary between GoldBod and commercial banks in the mobilisation of foreign exchange.
Under the previous arrangement, the central bank facilitated access to foreign exchange for businesses that needed dollars to finance imports of goods and services.
Mr Gyamfi said GoldBod believes the arrangement comes with recurring costs and that it can now engage commercial banks directly.
“GoldBod has since requested that the Bank of Ghana discontinue this intermediary role because of the recurring costs associated with the arrangement,” he said.
Going forward, GoldBod intends to work directly with commercial banks to mobilise foreign exchange generated from its gold operations.
The move, according to Mr Gyamfi, is expected to improve GoldBod’s contribution to the foreign exchange market while reducing the financial costs associated with the previous structure.
GoldBod reviews financing arrangements
Mr Gyamfi said GoldBod’s increasing ability to generate foreign exchange has made its operations important to commercial banks and businesses that require dollars for international transactions.
He linked the increased foreign exchange inflows from gold operations to improvements in Ghana’s foreign exchange position and support for the stability of the cedi.
However, he disclosed that GoldBod, together with the Ministry of Finance, is reviewing its current financing arrangements with commercial banks.
The review is intended to ensure that the new funding model remains sustainable and can respond to changing conditions in the gold industry and the wider economy.
The development comes just over a year after GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140).
The institution has gradually moved from performing a buying-agent function for the central bank to taking a more direct role in gold aggregation, export and foreign exchange mobilisation.
