GoldBod now appears to be operating a forex bureau – NPP

The opposition New Patriotic Party (NPP) has raised doubts about the Ghana Gold Board, known as GoldBod, and its authorization to engage in foreign exchange trading and auctions. Dr Mohammed Amin Adam, a member of the NPP’s Policy Coordinating Committee on Finance and Economy, made the allegations during a press conference on Tuesday, September 1.

According to Adam, GoldBod has apparently transitioned from solely buying and trading gold to also operating as a forex bureau, offering both sales and auctions of foreign currency. The former Finance Minister questioned whether these operations were legally permitted under the Ghana Gold Board Act or if they require a license from the Bank of Ghana.

Adam argued that the Ghana Gold Board Act does not grant GoldBod such authorization, nor does GoldBod hold any license from the Bank of Ghana for forex trading. He urged the Bank of Ghana to clarify the legal and regulatory foundation supporting GoldBod's alleged involvement in the foreign exchange market. This issue emerged as part of wider inquiries into the composition, funding, and financial efficacy of Ghana's gold purchase programs.