The Ghana Gold Board (GoldBod) has raised more than US$450 million from commercial banks and gold offtakers since March 2026 to finance its gold purchases without relying on funding from the Bank of Ghana (BoG), the Chief Executive Officer (CEO) of GoldBod, Sammy Gyamfi has said.
According to Mr Gyamfi, the funding formed part of measures adopted by GoldBod to sustain its operations after the BoG ended its financing.
He said GoldBod had diversified its funding sources since it began fully implementing its statutory gold trading mandate in March 2026.
Mr Gyamfi said this at a press briefing dubbed Government Accountability Series on Wednesday (August 19, 2026), in response to allegations levelled against GoldBod by the Minority Leader in Parliament, Alexander Afenyo-Markin.
He said GoldBod had raised close to US$839 million from gold offtakers between March and May 2026 under an advance-funding arrangement.
The amount was subsequently sold to the BoG at the prevailing reference rate under a foreign exchange sale agreement between the two institutions.
Mr Gyamfi said another funding channel, known as a funded FX forward sales arrangement with commercial banks, was piloted on August 3, 2026.
He said the arrangement raised US$75 million, which was converted into gold and dollars and settled within 48 hours.
According to him, the pilot recorded no losses.
He said GoldBod subsequently generated US$164 million and US$270 million through the use of its own seed capital and the working capital of aggregators to purchase gold, bring in dollars and sell directly to commercial banks.
Mr Gyamfi said the three amounts, US$75 million, US$164 million and US$270 million, totalled about US$509 million.
He explained that the figure represented more than US$450 million raised through the various funding arrangements.
However, he said the funded FX forward sales arrangement was currently on hold pending wider consultations being led by the Ministry of Finance following concerns raised by the BoG.
Despite the suspension, Mr Gyamfi said 15 commercial banks had submitted letters of interest to join the scheme.
He said GoldBod’s funding model was not dependent on capital from the BoG.
According to him, the Gold Board Act, 2025 (Act 1140), empowered the institution to raise funds directly from financial markets, gold offtakers and commercial banks under Section 18 of the Act.
Mr Gyamfi said GoldBod’s current trading model, which took full effect in March 2026, was different from the arrangement previously used by the BoG under the Domestic Gold Purchase Programme.
Under the new model, he said, GoldBod bought, owned and sold gold under its own offtake agreements rather than acting solely as a buying agent.
The CEO’s comments come amid an ongoing disagreement between GoldBod and the Minority in Parliament over the Board’s financial performance and funding arrangements.
The disagreement follows an International Monetary Fund (IMF) report which stated that the BoG recorded losses of more than US$1.7 billion under the Domestic Gold Purchase Programme in 2025.
Mr Gyamfi said the current model gave GoldBod greater responsibility for its own financing and trading operations, with funding sourced from commercial banks, offtakers, aggregators and its own capital.
