The Governor of the Financial institution of Ghana (BoG), Dr. Johnson Pandit Asiama says operations of the Ghana Gold Board (GoldBod) will shore up the nation’s reserve.
That, he mentioned, can be important in sustaining financial and monetary stability, supporting financial coverage, signalling higher financial well being and funding, post-Prolonged Credit score Facility (ECF) implementation.
Governor Asiama mentioned this in an interview on the sidelines of the 2025 Spring Conferences of the Worldwide Financial Fund (IMF) and the World Financial institution Group (WBG).
“We will streamline the export of small-scale gold… and optimistic that the Gold Board will take out these irregularities [in the small-scale gold sector]. And the results will probably be to our reserves, which helps us to achieve stability,” he mentioned.
Dr. Asiama mentioned the Financial institution’s inclusion on the GoldBod would assist in monitoring how issues would evolve, guaranteeing that purchasing, promoting, and exporting of gold had been achieved correctly for the nation to reap the advantages thereof.
Established earlier April 2025, the GoldBod would act as the only real purchaser of gold via licence aggregators and native merchants.
That may mark a shift from the earlier framework the place Ghanaians and overseas firms with export licenses might buy the commodity with out going via the permitted guidelines.
Till the institution of the GoldBod, buying in Ghana operated below a fragmented system involving a number of entities, together with the Treasured Minerals Advertising and marketing Firm (PMMC), the Financial institution of Ghana, the Minerals Earnings Funding Fund (MIIF), and personal aggregators.
“As Africa’s main gold producer, Ghana derives substantial overseas trade earnings from gold,” mentioned Dr. Cassiel Ato Baah Forson, Finance Minister, in January 2025, expressing concern in regards to the nation not gaining a lot from the commodity.
He expressed confidence within the operations of the GoldBod’s in bringing coherence to the sector, noting that the great authorized framework would grant the board unique rights to streamline gold buying and selling.
It could additionally guarantee full repatriation of overseas trade earnings and pursue certification from the London Bullion Market Affiliation (LBMA), the Finance Minister acknowledged.
“The GoldBod will allow us to harness your complete worth chain of gold manufacturing, from extraction to refining, worth addition, and advertising, each regionally and internationally,” Dr. Forson mentioned.
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