GoldBod tells PAC Bank of Ghana authorised its foreign exchange transactions
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the institution’s foreign exchange transactions are conducted within a market regulated by the Bank of Ghana (BoG), which has provided guidance and authorisation for GoldBod to sell foreign exchange.
Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), stated before the Public Accounts Committee (PAC) that the institution's foreign exchange transactions are regulated by the Bank of Ghana (BoG). Mr Gyamfi explained that GoldBod's primary responsibility is to generate foreign exchange for Ghana, but in doing so, the institution needs to sell that foreign exchange to obtain cedis for purchasing gold.
The transactions are subject to the central bank's regulatory oversight, and the institution sought guidance and authorization from the BoG after obtaining policy approval from the Minister of Finance. The BoG acknowledged GoldBod's statutory role as a foreign exchange earner and provided the necessary guidance and authorization for selling foreign exchange.
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