Accra:The Ghana Gold Board (GoldBod) has announced that it has ceased its dependence on the Bank of Ghana (BoG) for funding its artisanal and small-scale mining (ASM) gold purchases. The board is now independently mobilizing funds in cedis to finance its operations.
According to Ghana Web, GoldBod's Chief Executive Officer, Sammy Gyamfi, highlighted that this shift marks a significant change in the board’s operations. GoldBod will now independently finance gold purchases and sell the foreign exchange generated to the central bank and commercial banks.
Gyamfi, speaking at the Mining in Motion Summit in Accra, detailed that GoldBod's role as a buying agent for the Bank of Ghana concluded in March 2026. This followed the passage of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) by Parliament and the conclusion of the Domestic Gold Purchase Programme. Following this, GoldBod began implementing its statutory mandate under the Ghana Gold Board Act but initially continued to rely on the Bank of Ghana for cedi intermediation from commercial banks to fund its gold purchases.
This reliance ended on July 30, 2026, allowing GoldBod to fully assume responsibility for mobilizing its own funds and managing its gold trading activities. From August 2026 onwards, GoldBod has been raising its own funds in cedis, purchasing gold, and selling the resulting foreign exchange to both the Bank of Ghana and commercial banks.
This development gives GoldBod a more direct role in mobilizing foreign exchange for Ghana's economy, as it now independently handles the financial aspects of its gold trading operations.