Sammy Gyamfi never BoG has not ceded forex role to us – GoldBod

The Ghana Gold Board (GoldBod) has denied claims that the Bank of Ghana (BoG) has ceded its foreign exchange market responsibilities to them. According to GoldBod, their role is limited to selling foreign currency earned from their gold operations and supporting supply to the domestic market. This clarification follows reports from Parliament’s Public Accounts Committee (PAC) after their Tuesday sitting, which suggested that GoldBod CEO Sammy Gyamfi’s explanation of the Board’s foreign exchange arrangements implied a transfer of the central bank’s mandate.

GoldBod clarified that Mr. Gyamfi was discussing their Spot Foreign Exchange (FX) Sales framework, where they sell US dollars to commercial banks in exchange for cedis. This arrangement is consistent with Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the Board to supply foreign exchange to the country.

The GoldBod clarified that their arrangement is authorized by the Bank of Ghana and seeks guidance from them before implementing the framework.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.