GoldBod Funding Delays Spark Concerns Over Ghana's Gold Sector

Ghana's state-owned GoldBod has been facing funding delays, forcing some licensed buyers to halt purchases or borrow money. The agency was established in 2025 to purchase, sell, and export artisanal gold as part of efforts to curb smuggling and increase foreign exchange inflows.

The Bank of Ghana initially financed GoldBod's purchases, but the International Monetary Fund called for an end to central bank financing after losses linked to the gold purchasing programme. Since then, GoldBod has turned to commercial banks and gold importers for liquidity.

Funding delays have reached up to three weeks in some cases, according to industry sources. GoldBod's Chief Executive Sammy Gyamfi said the agency had raised nearly $839 million in advances between March and May, but the Bank of Ghana has expressed concerns about the auction programme's consistency with its operating framework.

The funding difficulties come at a sensitive time for Ghana's gold sector, with bullion prices surging. Kwaku Ohemeng Amoah, Chief Executive of the Chamber of Gold Buyers, said licensed buyers could seek supplementary funding independently to support their operations.