GoldBod Denies Pre-financing Claims, Cites Increased Gold Reserves

Ghana's Gold Board (GoldBod) has denied claims that the Bank of Ghana (BoG) is pre-financing its gold purchases. According to Sammy Gyamfi, CEO of GoldBod, BoG is instead converting cedi proceeds into foreign exchange for gold sellers.

Gyamfi explained that this arrangement does not deplete Ghana's foreign exchange reserves because the BoG receives cedis from gold transactions and provides the equivalent value in foreign currency.

The CEO cited an increase in Ghana's gold reserves under the current administration, stating that the country's reserves have risen from approximately $8.9 billion to $13.8 billion.