GoldBod Raises US$75 Million Directly from Commercial Banks in Landmark Financing Test

The Ghana Gold Board (GoldBod) has successfully raised US$75 million from commercial banks in Ghana, marking a significant milestone in its transition towards a market-based financing model and demonstrating the institution’s growing capacity to independently mobilise funding for gold aggregation.

According to the Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., the transaction, executed on August 3, 2026, was completed within 48 hours and did not require the Bank of Ghana (BoG) to act as an intermediary,

The development, he said, represents one of the clearest early tests of GoldBod’s new financing architecture following the end of its role as a buying agent for the central bank.

Speaking during an X Space on Sunday, August 9, 2026, Mr. Gyamfi explained that GoldBod’s financing structure has evolved significantly since the institution assumed responsibility for Ghana’s gold trading operations.

Under the previous arrangement, GoldBod inherited the role previously performed by the Precious Minerals Marketing Company (PMMC), purchasing gold as an agent for the Bank of Ghana under the Domestic Gold Purchase Programme.

In that arrangement, the Bank of Ghana provided the funds required for gold purchases because it was the principal and ultimately took ownership of the gold acquired through the programme.

Mr. Gyamfi said that model has since changed where GoldBod is now mobilising the resources required for gold purchases through commercial banks and businesses that require foreign exchange for their transactions.

The new structure, he noted, is intended to enable GoldBod to finance its gold aggregation activities while simultaneously supporting the foreign exchange needs of businesses and strengthening the institution’s commercial independence.

He added that GoldBod’s growing role in the gold value chain and the mobilization of foreign exchange through gold exports has contributed significantly to the recent strengthening of the Ghana cedi, improved economic stability and the accumulation of international reserves.

The US$75 million transaction on August 3, therefore, provided an important practical demonstration of the new model.

According to the CEO, GoldBod was able to convert the cedi equivalent of the US$75 million into dollars directly through the commercial banking market without using the Bank of Ghana.

The transaction effectively demonstrated that GoldBod can access market-based financing and execute its gold purchasing operations without depending on the central bank to intermediate the foreign exchange component.

Mr. Gyamfi stressed the distinction between the former role of the Bank of Ghana and the new arrangement, noting that the central bank’s previous involvement should not be interpreted as the use of its foreign exchange reserves to finance GoldBod.

Rather, he explained, the Bank of Ghana had been acting as an intermediary between commercial banks and GoldBod; noting that the arrangement was misunderstood for intervention.

Under the new structure, GoldBod is increasingly dealing directly with commercial banks, allowing the institution to mobilise the foreign exchange required for its operations while reducing the costs associated with central-bank intermediation.

Mr. Gyamfi, however, disclosed that GoldBod, in collaboration with the Minister for Finance, Dr. Cassiel Ato Forson, is reviewing the new funding arrangements to establish a more sustainable and efficient financing framework that will support the Board’s expanding operations and the broader needs of Ghana’s gold sector.