GoldBod does not trade in forex – Sammy Gyamfi tells PAC

Sammy Gyamfi, the CEO of the Ghana Gold Board (GoldBod), addressed Parliament’s Public Accounts Committee (PAC) on the subject of the Board's foreign exchange operations. According to Mr Gyamfi, GoldBod does not engage in currency trading; instead, it sells foreign exchange that is generated through its statutory gold operations.

GoldBod's mandate, as outlined in the Ghana Gold Board Act, 2025 (Act 1140), is to generate foreign exchange for Ghana and support the Bank of Ghana's gold reserve accumulation. The CEO clarified that the term "trade" in this context refers to the buying and selling of commodities, not currency. GoldBod does not purchase currencies; it merely sells the foreign exchange it generates.

Unlike licensed foreign exchange dealers, GoldBod’s activities are centered around the foreign exchange it creates from its operations. This foreign exchange is essential for purchasing gold, as per Section 2B of the Ghana Gold Board Act, which mandates foreign exchange generation. The Board explained that selling the generated foreign exchange is necessary to fulfill its mandate, as the proceeds provide the cedis required to buy gold.

In September 2026, GoldBod wrote to the Bank of Ghana for guidance and authorization regarding its funding model. The Bank of Ghana provided the necessary guidance and authorization after the Board secured policy approval from the Minister of Finance.