The Ghana Gold Board’s (GoldBod) operations would strengthen the nation’s reserves, according to Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG).
He claimed that after the Extended Credit Facility (ECF) was put into place, it would be crucial for preserving financial and economic stability, assisting monetary policy, and indicating improved investment and economic health.
In an interview conducted on the margins of the 2025 World Bank Group (WBG) and International Monetary Fund (IMF) Spring Meetings, Governor Asiama made this statement.
“We will be able to streamline the export of small-scale gold… and optimistic that the Gold Board will take out those irregularities [in the small-scale gold sector]. And the effects will be to our reserves, which helps us to gain stability,” he said.
The Bank’s membership on the GoldBod, according to Dr. Asiama, will aid in tracking developments and guaranteeing that gold is purchased, sold, and exported appropriately so that the nation can profit from it.
Founded in April 2025, the GoldBod would purchase gold exclusively from licensed aggregators and regional dealers.
The old structure, which allowed Ghanaians and foreign businesses with export licenses to buy the product without following the authorized regulations, will change with that.
Prior to the creation of GoldBod, Ghana’s purchasing system was a disjointed one that involved a number of organizations, including the Bank of Ghana, the Minerals Income Investment Fund (MIIF), the Precious Minerals Marketing Company (PMMC), and private aggregators.
In January 2025, Finance Minister Dr. Cassiel Ato Baah Forson expressed concern about Ghana’s lack of gains from the metal, saying, “As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold.”
The board will have unique rights to streamline gold trade under the comprehensive legislative framework, he said, adding that he was confident in the GoldBod’s ability to bring coherence to the industry.
The Finance Minister added that it would seek accreditation from the London Bullion Market Association (LBMA) and guarantee the complete repatriation of foreign exchange revenues.
“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 said.
Source: newsthemegh.com