GoldBod CEO Clarifies FX Operations Before PAC, Says BoG FX Sale Authorisation Not Equivalent to Forex Trading

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Esq., has clarified the Board’s foreign exchange (FX) sales framework, emphasising that its operations involve selling foreign exchange generated through gold-related activities rather than trading in currencies. Trading connotes buying and selling.

Mr. Gyamfi made the clarification when he appeared before Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, in response to a question from the Committee’s Chairperson, Hon. Abena Osei-Asare, about whether GoldBod was engaged in foreign exchange trading.

“The notion that GoldBod is trading FX is wrong. Trading connotes buying and selling, but GoldBod is not buying and selling, so we do not trade FX. We are just a foreign exchange earner, and so we sell the foreign exchange we generate,” he explained.

The GoldBod CEO cited Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), as the statutory basis for the Board’s role in generating foreign exchange for the country.

He said GoldBod makes the proceeds available to commercial banks and the Bank of Ghana as part of efforts to support the country’s foreign exchange needs.

He disclosed that the Board had developed a framework for selling US dollars to commercial banks through the GoldBod GoFX Platform, designed to ensure transparency and efficiency in the forex sales.

Mr. Gyamfi further explained that, given the regulatory oversight of the foreign exchange market by the Bank of Ghana, GoldBod had formally written to the central bank to seek guidance and authorisation on the framework governing its FX sales, and the GoldBod was given the necessary authorization.

He described the sale of foreign exchange generated from gold exports as a commercial practice amongst large-scale mining companies operating in Ghana.

The CEO said GoldBod had established procedures to promote transparency and accountability in the allocation and sale of foreign exchange, adding that the framework was intended to ensure a fair and transparent process.