Ghana has ended a financing arrangement under which the Bank of Ghana funded the purchase of locally produced gold through the Ghana Gold Board, or GoldBod, shifting the programme to a self-financing model.
GoldBod CEO Sammy Gyamfi said on Tuesday that the institution stopped receiving funding from the central bank in March and has since raised money directly from commercial banks and gold off takers to finance its gold purchases.
The move marks a change in the way Ghana’s domestic gold purchase programme is funded as the country seeks to use locally produced bullion to generate foreign exchange and build reserves.
Under the new arrangement, GoldBod secures financing from commercial banks and gold offtakers to purchase and aggregate gold for export and reserve accumulation.
“The shift marks a major step towards GoldBod’s operational and financial independence,” GoldBod said in a statement.
The financing arrangement was linked to the Bank of Ghana’s Domestic Gold Purchase Programme, established to increase the country’s gold reserves by buying gold produced locally.
Before GoldBod was established in April 2025, the Precious Minerals Marketing Company acted as the central bank’s buying agent under the programme. GoldBod inherited that role and continued purchasing and aggregating gold with funding from the Bank of Ghana.
The central bank also covered costs associated with gold aggregation under the previous arrangement, according to GoldBod.
Gyamfi said the new financing model had already enabled GoldBod to continue its gold aggregation activities without direct funding from the central bank.
The change does not mean Ghana is abandoning its domestic gold purchasing strategy. Instead, it separates the financing and commercial operations of gold aggregation from the management of the country’s monetary reserves.
The shift could reduce the Bank of Ghana’s direct financial exposure to gold purchases while giving GoldBod greater responsibility for securing funding and managing the commercial side of the programme.
Ghana is Africa’s largest gold producer and has sought to use its gold output to strengthen foreign-exchange earnings and build reserves.
GoldBod’s transition to self-financing comes as the country seeks to expand the role of domestically produced gold in its broader economic and reserve-management strategy.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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Most Impactful Work: Her editorship of Mail & Guardian and City Press, and her current role at Daily Maverick.
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