Amanze Chinonye
Ghana has ended the Bank of Ghana’s financing role in domestic gold purchases, transferring greater responsibility for funding the country’s gold aggregation programme to the Ghana Gold Board as authorities seek to limit financial risks while maintaining gold as a major source of foreign exchange, Prime Business Africa reports.
GoldBod Chief Executive Officer Sammy Gyamfi said the board had stopped relying on the central bank and was now raising funds directly from commercial banks, international gold buyers and other market participants to finance gold purchases.
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The move marks a shift from the previous arrangement under which the Bank of Ghana used GoldBod as its buying agent for the Domestic Gold Purchase Programme.
GoldBod said it raised $75 million directly from commercial banks on Aug. 3 in what it described as a test of its new financing model. The transaction was completed within 48 hours without the central bank acting as an intermediary.
The board is also exploring advance-dollar arrangements with international gold offtakers and funded forward foreign-exchange transactions with commercial banks, allowing it to finance purchases against expected export proceeds.
The restructuring comes as Ghana faces scrutiny over the cost and financial risks of its gold-buying programme. The International Monetary Fund has said the programme helped strengthen Ghana’s international reserves but also generated significant financial losses.
The IMF estimated that the programme recorded losses of more than $1.7 billion in 2025, equivalent to about 1.5% of Ghana’s gross domestic product.
GoldBod has rejected claims that those losses reflect its own financial performance. Its audited accounts for 2025 showed an overall surplus of 5.44 billion Ghanaian cedis.
The board has rapidly expanded its role in Ghana’s gold market since taking over the domestic aggregation function from the Precious Minerals Marketing Company in 2025.
Its mandate includes buying, assaying, refining and exporting gold, while supporting the Bank of Ghana’s accumulation of gold reserves.
The government has continued to promote gold purchases as part of a broader strategy to strengthen foreign-exchange liquidity and reduce pressure on Ghana’s external accounts.
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The IMF has said the domestic gold purchase programme also helped formalise artisanal and small-scale gold production, contributing significantly to the increase in Ghana’s official gold exports.
The end of central bank financing does not represent a retreat from Ghana’s gold strategy. Instead, it places more of the financing and commercial risk on GoldBod and its private-sector funding partners.
The change is expected to give the Bank of Ghana greater separation from the commercial gold-buying operation while allowing GoldBod to operate with greater financial independence.
For Ghana, the challenge will be to maintain the scale of gold purchases needed to support foreign-exchange earnings and reserves without recreating the financial pressures that prompted scrutiny of the previous central bank-backed model.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
