The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims that the institution trades in foreign exchange, explaining that it only sells forex generated through its statutory gold operations.

He said GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), with a mandate to generate foreign exchange for the country and support the Bank of Ghana’s gold reserve accumulation.

Speaking before Parliament’s Public Accounts Committee on Tuesday, October 13, 2026, Gyamfi explained that the Board’s operations differ from those of licensed forex dealers, who buy and sell currencies.

“The Gold Board does not trade currency. The word trade means or connotes the buying and selling of a commodity. The Gold Board does not buy currency,” he told the committee.

According to him, GoldBod only sells the foreign exchange it generates through its legally mandated activities, in line with provisions of the law establishing the institution.

“We only sell effects that we generate from our statutory functions. And that is grounded on Section 2B of the Ghana Gold Board Act, which mandates us to generate foreign exchange,” he said.

Gyamfi added that selling the forex generated from its operations was necessary to enable the Board to obtain the cedis required to purchase gold.

He further explained that GoldBod operates within a foreign exchange market regulated by the Bank of Ghana, which oversees forex sales.

The GoldBod CEO also disclosed that the institution had formally written to the central bank on September 23, 2026, to seek guidance and authorisation for its funding model.

He said the request followed policy approval from the supervising minister, the Minister of Finance.

“I’m happy to inform the committee that the Bank of Ghana has given us that guidance and authorisation,” he said.

His comments were aimed at clarifying GoldBod’s role in the foreign exchange market and explaining the regulatory framework governing its forex-related operations.

NA/EB

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