The Ghana Gold Board (GoldBod) has raised $75 million to finance gold purchases without relying on the Bank of Ghana (BoG) as an intermediary, its Chief Executive Officer, Sammy Gyamfi, has announced.

Speaking during a Space conversation on X on Sunday, August 9, 2026, Gyamfi said the transaction, carried out on August 3, 2026 was part of efforts to make GoldBod financially independent.

“It is our expectation that once we are done, the Gold Board will stand on its own. We don’t want to depend on the Bank of Ghana again as an intermediary raising money for us,” he said.

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Under the new model, GoldBod is exploring advance dollar payments from international buyers and working with commercial banks through forward foreign exchange transactions.

The system allows GoldBod to use expected future export proceeds to raise funds today for gold purchases.

Gyamfi confirmed that the pilot transaction raised $75 million, with the cedi equivalent converted into dollars within 48 hours without BoG involvement.

He added that GoldBod is collaborating with the Bank of Ghana and the Ministry of Finance to refine the arrangement, with further adjustments expected by August 19, 2026.

Previously, the BoG provided funds to the Precious Minerals Marketing Company (PMMC) to buy gold on its behalf, later acting as an intermediary in converting cedi funds into dollars.

GoldBod ended this arrangement in July 2026, aiming to avoid complications with the IMF and establish financial independence.

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Gyamfi said GoldBod’s operational expenses will be covered by income from gold trading, while government will provide funding equivalent to 5% of gold purchases under a three‑year programme to boost foreign exchange reserves.

The ultimate goal, he stressed, is for GoldBod to finance its operations independently while strengthening Ghana’s reserves.

DR/SA