GoldBod Ditches Bank of Ghana Intermediary Role for New Financing Model

The Ghana Gold Board (GoldBod) has outlined its financing model, which aims to reduce its reliance on the Bank of Ghana as an intermediary. The institution's CEO, Sammy Gyamfi, explained that GoldBod finances gold purchases through commercial banks and businesses in need of foreign exchange.

Under the previous Domestic Gold Purchase Programme, the Bank of Ghana provided funds for PMMC, GoldBod's predecessor, to purchase gold on its behalf. However, this arrangement ended in February 2026 when GoldBod took over responsibility for gold trading under a new framework.

Gyamfi noted that the central bank initially served as an intermediary by converting cedi funds into US dollars to facilitate GoldBod's gold purchases. He emphasized that this was intermediation, not intervention, and that the Bank of Ghana has since ended its role in July 2026.

GoldBod is now exploring alternative financing arrangements, including advance dollar payments from international gold off-takers and funded forward foreign exchange transactions with commercial banks. The institution tested a forward foreign exchange arrangement on August 3, raising US$75 million within 48 hours without involving the Bank of Ghana as an intermediary.