We’ve moved gold purchases to Interbank rate – GoldBod CEO
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the state gold trading institution has changed the exchange-rate mechanism used to price gold purchases, moving away from the forex bureau rate to the interbank rate.
The CEO of Ghana Gold Board, Sammy Gyamfi, announced on Newsfile on JoyNews that the state gold trading institution has shifted the exchange-rate mechanism for purchasing gold from the forex bureau rate to the interbank rate. Gyamfi clarified that the institution did not introduce the forex bureau rate for gold purchases and instead made a significant change in the pricing mechanism within a short period.
He explained that GoldBod is currently conducting gold trading on its own books and purchases gold at the interbank exchange rate, less a small adjustment of 10 pesewas. The shift from the forex bureau rate, which has been used to determine the exchange rate for gold purchases for over a century, to the interbank rate represents a major departure in Ghana's gold trading framework.
The CEO emphasized that GoldBod achieved this change within one year of taking over its current trading responsibilities and described it as a significant development. Gyamfi also informed that GoldBod currently applies a 10-pesewa reduction to the interbank exchange rate when purchasing gold and plans to introduce a larger discount of two percent next year, in 2026.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
