Accra: The Bank of Ghana (BoG) has announced its decision to halt the financing of the Ghana Gold Board (GoldBod) under a newly introduced gold policy. This move is aimed at mitigating losses in the nation's gold trading operations.
According to Ghana Web, the central bank has been acquiring gold from local miners at prices below the prevailing global market rates. The International Monetary Fund (IMF), in its Staff Report for the Fifth Review of Ghana's IMF-supported programme, disclosed that losses borne by the BoG from artisanal and small-scale dor© gold transactions amounted to US$214 million by the end of September 2025, which is equivalent to GHS2.43 billion. Although GoldBod has been profitable, the IMF pointed out that these profits have been at the expense of the central bank, which has shouldered the majority of the losses from the programme.
Addressing a Strategic Policy Session on De-risking Ghana's Gold Trade, organized by the Economic Governance Platform (EGP), economist Dr. John Kwakye explained that the BoG also incurs losses by paying commissions to GoldBod. Despite these challenges, Dr. Kwakye highlighted that the programme has enabled the central bank to accumulate nearly US$10 billion in reserves through gold trading. He emphasized that these reserves have played a crucial role in stabilizing the currency and contributing to overall macroeconomic stability in Ghana. The strengthening of the country's reserves has also been linked to improving economic conditions and a decline in headline inflation.
Under the new policy, GoldBod will function independently and receive direct funding from the government for the procurement and refining of gold from miners. Dr. Kwakye clarified that GoldBod will act autonomously, with the government providing the necessary initial funding. The Bank of Ghana will no longer finance these operations, allowing GoldBod to purchase and refine gold directly from miners.
The Ghana Gold Board Bill, 2025, which was passed into law by Parliament on March 28, 2025, mandates GoldBod to oversee, regulate, and manage the buying, selling, and export of gold and other precious minerals. Under this legislation, GoldBod is designated as the sole exporter of gold from Ghana's small-scale mining sector, effectively prohibiting licensed traders and bullion dealers from independently exporting gold. The establishment of GoldBod was initiated by President John Dramani Mahama to revitalize the local economy and operates under the Ministry of Finance.
Clause 68(1) of the Act prohibits unauthorized hoarding of gold, a measure intended to prevent scarcity, unfair competition, and price manipulation. While direct buying and selling of gold in the open market is restricted, foreigners may apply to GoldBod to purchase gold as off-takers. All such transactions must be conducted through GoldBod, which will manage the exportation of gold to chosen destinations.