Ghana's GoldBod System Faces Funding Crisis Amid Delays

The Ghana Gold Board, known locally as GoldBod, has been instrumental in formalizing the country's artisanal gold trade. Created by President John Mahama's government in 2025, it has generated over $5 billion in recorded exports from small-scale gold.

However, a funding model crisis is testing whether GoldBod can maintain its momentum without relying on the central bank for liquidity. The system has been plagued by delays, with traders waiting up to three weeks for advance funding to purchase metal from artisanal miners.

The problem may be due to tighter controls rather than an actual shortage of funds. To address this issue, GoldBod has tightened lending rules and is now raising financing from commercial banks and gold off-takers.