GoldBod Ends Buying-Agent Role for Bank of Ghana, Moves to Self-Funded Gold Aggregation

The Ghana Gold Board (GoldBod) has ended its role as a gold-buying agent for the Bank of Ghana (BoG), marking a significant shift in the financing and operational structure of the country’s domestic gold purchasing programme.

Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., disclosed this during an interview on X, explaining that since March 2026, GoldBod has ceased receiving funds from the Bank of Ghana to purchase gold on its behalf and has instead transitioned to raising its own financing to support gold aggregation for export and reserve accumulation.

According to Mr. Gyamfi, GoldBod inherited the buying-agent arrangement previously performed by the Precious Minerals Marketing Company (PMMC) for the Bank of Ghana under the Domestic Gold Purchase Programme (DGPP).

Following its establishment in April 2025, GoldBod continued in that capacity for approximately one year, purchasing and aggregating gold with funding provided by the central bank.

He explained that, under the arrangement, the Bank of Ghana incurred the costs associated with gold aggregation, as was customary under its agreements with buying agents.

However, GoldBod has since moved to a model under which it mobilises financing directly from commercial banks and offtakers to fund its gold purchases.

Mr. Gyamfi said the new arrangement has so far yielded positive results, allowing GoldBod to strengthen its operational independence while continuing to mobilise significant volumes of gold for both export and reserve accumulation.

He further explained that, under the previous financing structure, the Bank of Ghana also served as an intermediary between GoldBod and commercial banks in facilitating foreign exchange. The arrangement enabled businesses requiring foreign currency to access dollars for the importation of goods and services.

GoldBod, however, has since requested that the Bank of Ghana discontinue this intermediary role because of the recurring costs associated with the arrangement. Going forward, GoldBod will engage commercial banks directly to mobilise foreign exchange generated from its gold operations and support liquidity in the foreign exchange market.

The Chief Executive said the shift is expected to strengthen GoldBod’s contribution to foreign exchange mobilisation while reducing the financial burden associated with the previous intermediation structure.

He noted that GoldBod’s growing capacity to generate and mobilise foreign exchange has become increasingly important to commercial banks and businesses that require dollars for their international transactions.

He linked the increased foreign exchange inflows generated through GoldBod’s operations to the broader improvement in Ghana’s foreign exchange position, including support for the stability and appreciation of the Ghana cedi.

Mr. Gyamfi, however, disclosed that GoldBod, in consultation with the Ministry of Finance, is currently reviewing and restructuring its funding arrangements with commercial banks to ensure that the financing model remains sustainable and responsive to the evolving needs of the gold sector and the wider economy.

The transition represents another significant phase in GoldBod’s evolution barely a year after its establishment. From initially performing an agency function for the central bank, the institution has progressively assumed a more direct role in gold aggregation, export and foreign exchange mobilisation, in line with its broader mandate under the Ghana Gold Board Act, 2025 (Act 1140).

GoldBod’s growing role in the formalisation of Ghana’s gold value chain has also attracted attention from economic and industry observers, who have highlighted the institution’s contribution to increased formal gold purchases, foreign exchange mobilisation, reserve accumulation and support for exchange-rate stability.

The shift away from central-bank-funded gold purchases is therefore being viewed as an important development in the maturation of GoldBod’s operations, as the institution increasingly relies on commercial financing and offtaker arrangements to support its activities while contributing to Ghana’s broader macroeconomic objectives.