ACCRA, Ghana, 19th August: The Ghana Gold Board (GoldBod) says it is taking steps to raise its own funds to finance the purchase of artisanal and small-scale mining (ASM) gold, as it moves to reduce its reliance on the Bank of Ghana (BoG) as an intermediary.
Chief Executive Officer of GoldBod, Sammy Gyamfi, said the institution formally informed the Bank of Ghana in August 2026 of its intention to independently raise funds to finance its ASM gold purchases.
Speaking at the Government Accountability Series on Wednesday, August 19, Mr Gyamfi disclosed that a pilot of the new funding arrangement had already been successfully conducted.
He said GoldBod, the Bank of Ghana and the Ministry of Finance were currently working together to develop a framework to sustain the new arrangement.
Mr Gyamfi also rejected suggestions that the Bank of Ghana had stopped financing GoldBod because of financial difficulties within the institution.
He explained that between January 2025 and February 2026, GoldBod operated as the Bank of Ghana’s gold-buying agent, with funds advanced to the institution specifically for the purchase of gold under the central bank’s programme.
According to him, those funds were therefore not financing GoldBod’s operations but were instead used to execute gold purchases on behalf of the Bank of Ghana.
He said the arrangement changed in March 2026 when GoldBod began implementing its own trading model. Under the new model, funding for ASM gold purchases was provided through the Bank of Ghana’s Foreign Exchange (FX) Intermediation Programme and a Forex Sale Agreement between the two institutions.
Mr Gyamfi described the arrangement as a partnership between GoldBod and the central bank rather than a one-sided financing arrangement.
He further disclosed that responsibility for financing the baseline cost of implementing the Ghana Accelerated National Reforestation and Afforestation Programme (GANRAP) was transferred from the Bank of Ghana to the Ministry of Finance in July 2026.
He said the change formed part of the evolving funding framework and should not be misconstrued as evidence of financial challenges or wrongdoing at GoldBod.
Mr Gyamfi stressed that GoldBod’s business model was not dependent on financing from the Bank of Ghana, pointing to Section 18 of the Ghana Gold Board Act, 2025 (Act 1140), which empowers the institution to raise funds to support its operations.
He said the move towards independent financing was consistent with GoldBod’s mandate and would strengthen its capacity to operate a sustainable gold-trading model while reducing its dependence on funding arrangements involving the central bank.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭
