The Ghana Gold Board (GoldBod) has ended its reliance on the Bank of Ghana (BoG) for funding its artisanal and small-scale mining (ASM) gold purchases, with the institution now mobilising its own funds in cedis to finance its operations.

Chief Executive Officer of GoldBod, Sammy Gyamfi, said the change marked a new phase in the board’s operations, allowing it to independently finance gold purchases and sell the foreign exchange generated to the central bank and commercial banks.

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Speaking at the Mining in Motion Summit in Accra on Tuesday, October 20, 2026, Gyamfi explained that GoldBod’s role as a buying agent for the Bank of Ghana ended in March 2026, following Parliament’s passage of the Ghana Accelerated National Reserve Accumulation Programme (GANRAP) and the end of the Domestic Gold Purchase Programme.

He said GoldBod subsequently began implementing its statutory mandate under the Ghana Gold Board Act, although it initially continued to rely on the Bank of Ghana to intermediate cedis from commercial banks to finance its gold purchases.

That arrangement also ended on July 30, 2026, paving the way for GoldBod to take responsibility for mobilising its own funds and financing its gold trading activities.

“From August, September, and October this year, the Gold Board does its own intermediation, raises its own funds in Ghana’s cedis, purchases its own gold, and now allocates, sells this gold, this forex, to the Bank of Ghana and the commercial banks,” he said.

The change means GoldBod now independently raises the cedi funding needed to purchase gold from the small-scale mining sector before selling the foreign exchange generated to the Bank of Ghana and commercial banks.

The arrangement gives the board a more direct role in mobilising foreign exchange for the economy.



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