The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has stated that the operations of the Ghana Gold Board (GoldBod) will enhance the country’s reserves, which is crucial for maintaining economic and financial stability. This, he noted, would support monetary policy and signal improved economic health and investment following the implementation of the Extended Credit Facility (ECF).
Governor Asiama made these remarks during an interview at the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).
“We will be able to streamline the export of small-scale gold and are optimistic that the Gold Board will address irregularities in the small-scale gold sector. The effects will positively impact our reserves, contributing to stability,” he said.
He emphasized that the Bank’s involvement with GoldBod would enhance monitoring, ensuring that the buying, selling, and exporting of gold are conducted properly for the nation to maximize its benefits.
Established in April 2025, GoldBod will serve as the sole buyer of gold through licensed aggregators and local traders. This marks a significant shift from the previous framework, where both Ghanaians and foreign companies with export licenses could purchase gold outside of established protocols.
Prior to the establishment of GoldBod, Ghana’s gold purchasing system was fragmented, involving multiple entities such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and private aggregators.
Dr. Cassiel Ato Baah Forson, the Finance Minister, expressed concerns in January 2025 about the country’s limited gains from gold, despite being Africa’s leading gold producer. He expressed confidence in GoldBod’s ability to bring coherence to the sector, highlighting that the comprehensive legal framework would grant the board exclusive rights to streamline gold trading.
The GoldBod is also expected to ensure the full repatriation of foreign exchange earnings and pursue certification from the London Bullion Market Association (LBMA). “The GoldBod will enable us to harness the entire value chain of gold production, from extraction to refining, value addition, and marketing, both locally and internationally,” Dr. Forson concluded.
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