GoldBod gets BoG authorisation to sell forex, Sammy Gyamfi tells PAC

Sammy Gyamfi, the CEO of the Ghana Gold Board (GOLDBOD), testified before the Public Accounts Committee of Parliament on Tuesday, October 13. He stated that GOLDBOD has received authorization and guidance from the Bank of Ghana (BoG) to sell foreign exchange. However, he emphasized that GoldBod does not trade currency; instead, it sells foreign exchange generated from its statutory functions to the Bank of Ghana.

Gyamfi expressed the institution's commitment to meeting or exceeding its 2025 gold purchase and export performance, while significantly increasing foreign exchange earnings. He reaffirmed that GoldBod continues to fulfill its statutory mandate of generating foreign exchange, supporting national reserve accumulation, and regulating Ghana's gold trading sector. The Board is also working on enhancing value addition by ensuring more gold produced in Ghana is refined locally before export.

According to Gyamfi, the Board is on track to achieve at least its 2025 gold purchase and export targets, as well as substantially surpassing its foreign exchange generation targets for 2025, which were set at 10.8 billion US dollars. Notably, about 80 to 90 percent of the gold purchased and exported by GoldBod is currently refined domestically, a shift from previous practices where much of the gold was exported without local refining.

This local refining has created employment opportunities for Ghanaians, particularly young people, and keeps refining fees within the domestic economy.

Gyamfi highlighted that the silver produced as a by-product of gold refining is retained in Ghana, generating foreign exchange and supplying raw materials to the local fabrication industry. This retention of silver and other by-products is not only supporting domestic industrial activity but also creating jobs for the unemployed youth. The refineries operate 24/7, providing employment and retaining refining fees in the local economy.