GoldBod Ends Bank of Ghana (BoG) Buying-Agent Role, Adopts Self-Funded Gold Aggregation
By Magdalene Andoh The Ghana Gold Board (GoldBod) has ended its role as a gold-buying agent for the Bank of Ghana (BoG), marking a major shift in the financing and operations of the country’s domestic gold purchasing programme. Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., disclosed this in an interview on X, explaining that […]
The Ghana Gold Board (GoldBod) has abandoned its role as a gold-buying agent for the Bank of Ghana (BoG), transitioning to a self-funded gold aggregation model. According to GoldBod's CEO, Sammy Gyamfi, Esq., this change began in March 2026, ending the central bank's funding of the country's domestic gold purchasing program. GoldBod now secures financing directly from commercial banks and gold offtakers to support gold exports and reserve accumulation.
Previously, the Bank of Ghana acted as an intermediary between GoldBod and commercial banks, facilitating foreign exchange transactions for businesses requiring dollars. GoldBod has requested the Bank of Ghana to discontinue this intermediary role, as it incurs recurring costs. By engaging commercial banks directly, GoldBod aims to strengthen its foreign exchange mobilization efforts and reduce financial costs associated with the previous intermediary structure.
This shift, which began after GoldBod's establishment in April 2025, marks a significant stage in the institution's development, positioning it as a key player in Ghana's formal gold value chain and broader foreign exchange mobilization efforts.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
