The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that the Bank of Ghana (BoG) has proposed to serve as the Board’s fiscal agent — but stressed that no agreement has been reached and GoldBod has not accepted the offer.
Speaking on JoyNews on Monday, August 10, Mr Gyamfi said the proposal was part of ongoing discussions between the two institutions, but emphasised that it should not be interpreted as an existing arrangement.
“Bank of Ghana has proposed to be our fiscal agent, but we haven’t agreed,” he said.
Push for operational independence
Mr Gyamfi explained that GoldBod has developed the institutional and human resource capacity to undertake its core operations independently, and no longer relies on the Bank of Ghana to raise funds as an intermediary.
“GoldBod has the men and women to do it,” he said, adding that the arrangement allows the central bank to concentrate on its core functions while GoldBod independently carries out its mandate in the domestic gold market.
The CEO said GoldBod’s evolving role in the gold sector requires appropriate financial arrangements that would support its operations while ensuring that state interests are protected. He stressed that any future arrangement with the central bank would have to be carefully considered before GoldBod formally agrees to it.
End of an era: DGPP concluded
Mr Gyamfi’s comments come amid a fundamental shift in the relationship between GoldBod and the Bank of Ghana. In July 2026, GoldBod ended the Bank of Ghana’s intermediary role after the central bank’s Domestic Gold Purchase Programme (DGPP) came to an end.
The DGPP was introduced to enable the state to purchase gold domestically and use the proceeds to meet economic needs. The programme has since been discontinued, with GoldBod now responsible for the purchase and sale of gold in Ghana, as well as corresponding foreign exchange transactions with the Bank of Ghana.
GoldBod is now pursuing alternative financing mechanisms, including advance dollar payments from international gold off-takers and funded forward foreign exchange transactions with commercial banks.
$75 million test run
On August 3, GoldBod successfully raised $75 million to finance gold purchases without relying on the Bank of Ghana as an intermediary — converting the cedi equivalent into dollars within 48 hours.
“It is our expectation that once we are done, the Gold Board will stand on its own because that is what we want. We don’t want to depend on the Bank of Ghana again as an intermediary raising money for us,” Mr Gyamfi said.
GoldBod is currently working with the Bank of Ghana and the Ministry of Finance to refine the financial operational framework, with further adjustments expected by August 19.
A young institution asserting its mandate
GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140) and took over the rights, obligations, assets and workforce of the Precious Minerals Marketing Company (PMMC). The Board is the sole authority with exclusive rights to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana.
Mr Gyamfi reiterated that GoldBod’s priority remains the efficient management of its mandate and ensuring that Ghana derives maximum economic benefit from its gold resources. Discussions between the two institutions will continue, he said, but the fiscal agent proposal should not be seen as a done deal.
