GoldBod rejects funding crisis claims, says gold purchases remain on course

The Ghana Gold Board (GoldBod) has refuted claims of a funding crisis impacting gold purchases by licensed buyers, asserting that its trade-financing mechanisms remain fully operational and that artisanal and small-scale mining (ASM) gold acquisitions continue as planned. This rebuttal comes in response to reports on August 24, 2026, suggesting that some licensed gold purchasers faced funding delays of up to three weeks, with some operators temporarily suspending purchases or resorting to borrowing to sustain their operations.

GoldBod clarified that the reported issues might stem from separate credit arrangements between licensed aggregators and downstream buyers, rather than a direct funding shortfall from GoldBod. The Board stressed that direct funding from GoldBod is exclusively available to licensed aggregators, not to every company under its gold-buying framework.

Despite the concerns, GoldBod affirmed that its regulatory responsibilities persist, maintaining a strong financial position and continuing to purchase and aggregate ASM gold via its licensed buyers. The Board reiterated its dedication to fiscal discipline, accountability, transparency, and prudent risk management while preserving Ghana's formal gold-trading system's integrity.

Currently, two licensed aggregators are permitted to receive direct financing from GoldBod to buy and aggregate gold for distribution to other authorized entities. The Board clarified that difficulties faced by Tier 1 or Tier 2 buyers in securing working capital from an aggregator should not be misconstrued as a failure on GoldBod's part to fund its mandate.

GoldBod explained that licensed buyers outside the aggregator category do not have automatic access to indirect financing from the Board. If these buyers need funding to purchase gold for onward supply through an aggregator, the financing must be arranged directly with the relevant aggregator. Such agreements are considered commercial credit transactions, and the aggregators decide on extending, modifying, suspending, or rejecting financing based on factors like the buyer's creditworthiness, outstanding debts, available security, and the aggregator's risk tolerance.

The Board dismissed suggestions that a downstream buyer's inability to access financing equates to a funding gap within GoldBod. Furthermore, GoldBod highlighted new financing and risk-management measures introduced on July 22, 2026, which came into effect on August 1. These provisions aim to enhance accountability, strengthen credit-risk management, and safeguard public funds throughout the gold-purchasing chain.

Eligible buyers must hold a valid GoldBod license and undergo Know Your Customer (KYC), due diligence, and creditworthiness assessments. They must also sign formal trade-financing agreements, comply with reporting and repayment obligations, and provide appropriate security, such as bank guarantees, advance payment guarantees, or insurance bonds.

Existing beneficiaries are also required to formalize their participation in the financing program and settle any outstanding obligations within the stipulated timeframe. The Board emphasized that these stricter requirements do not signify a withdrawal of financial support but are intended to ensure that public funds are allocated solely to eligible and creditworthy participants.