Ghana Gold Board Severs Ties with Central Bank in Major Reforms

The Ghana Gold Board (GoldBod) has taken a significant step towards independence in its gold purchasing operations. According to Sammy Gyamfi, the CEO of GoldBod, the Bank of Ghana no longer acts as an intermediary to raise funds for GoldBod's gold buying.

This change follows reforms in the gold sector, which have shifted responsibility from the central bank to GoldBod itself. The institution now has the personnel and expertise needed to manage its operations independently.

Gyamfi emphasized that this shift allows the Bank of Ghana to focus on its core functions while GoldBod carries out its mandate in the domestic gold market. GoldBod is no longer a gold-buying agent for the central bank, but rather assumes full responsibility for buying and selling gold in Ghana.