GoldBod Converts Gold Export Earnings to Fund Operations, Says CEO Sammy Gyamfi

The Chief Executive Officer of GoldBod, Sammy Gyamfi Esq., has revealed that the state-owned gold trading company sells the foreign currency it earns from gold exports to the Bank of Ghana and commercial banks in order to finance its day-to-day operations and sustain its activities.

Speaking on the matter, the CEO explained that GoldBod generates foreign exchange through its gold export dealings, and rather than holding onto these funds, the company converts them into local currency by selling to the central bank and other commercial banks operating in the country. This approach, he noted, allows the company to raise the necessary funds to cover its operational costs and continue fulfilling its mandate.

The arrangement highlights the role GoldBod plays in the country’s gold trading sector and how it manages its finances to remain operational. By channeling foreign currency to the Bank of Ghana and commercial banks, the company also contributes to the broader financial system, helping to boost foreign exchange availability in the local market.

Sammy Gyamfi’s explanation offers insight into how GoldBod sustains itself without relying solely on government subventions. The model ensures that the company’s operations are funded through its own export activities, which is significant given the importance of gold to Ghana’s economy as a major source of foreign exchange earnings.

The disclosure comes amid growing public interest in the operations of state institutions involved in the country’s natural resource sectors. Stakeholders have been keen to understand how entities like GoldBod generate revenue and manage their finances.

The CEO’s comments reaffirm GoldBod’s commitment to transparency and its contribution to Ghana’s economic stability. By converting its foreign currency earnings through official channels, the company supports the central bank’s efforts to manage the national currency and strengthen the economy, while also ensuring its own continued operations.

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