Accra:The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified that the institution does not engage in trading foreign exchange. He emphasized that GoldBod only sells foreign exchange that is generated through its statutory gold operations.
According to Ghana Web, Gyamfi explained that GoldBod was created under the Ghana Gold Board Act, 2025 (Act 1140), with a mandate to generate foreign exchange for the country and support the Bank of Ghana's gold reserve accumulation. Speaking before Parliament's Public Accounts Committee, he noted that GoldBod's activities are distinct from those of licensed forex dealers, who are involved in buying and selling currencies.
Gyamfi stated that GoldBod only sells the foreign exchange it generates through its legally mandated activities, as outlined in the law establishing the institution. He highlighted that this process is essential to acquire the cedis needed for purchasing gold.
He mentioned that GoldBod operates within a foreign exchange market regulated by the Bank of Ghana, which oversees the sales of forex. Additionally, Gyamfi shared that the institution had sought guidance and authorization from the central bank regarding its funding model and received approval.
His remarks were aimed at clarifying GoldBod's involvement in the foreign exchange market and the regulatory framework that governs its operations.