The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the Bank of Ghana (BoG) no longer acts as an intermediary to raise funds for GoldBod’s gold purchasing operations.

He said GoldBod has built the institutional and human resource capacity to independently execute its mandate of buying and selling gold in Ghana, following changes to the structure of the country’s domestic gold purchasing system.

Mr Gyamfi explained that the development forms part of the broader reforms in the gold sector, under which GoldBod has assumed greater responsibility for gold trading and is no longer operating as a gold-buying agent for the Bank of Ghana.

According to him, GoldBod now has the personnel and expertise required to manage its operations without relying on the central bank to intermediate funding for its gold purchases.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “Bank of Ghana no longer serves as an intermediary to raise funds for GoldBod. GoldBod has the men and women to do it.”

He said the arrangement allows the Bank of Ghana to concentrate on its core functions while GoldBod independently carries out its mandate in the domestic gold market.

“GoldBod is no longer a gold-buying agent of the Bank of Ghana. We are now responsible for the buying and selling of gold in Ghana and the forex to Bank of Ghana,” he added.

Mr Gyamfi said the change followed the end of the former Domestic Gold Purchase Programme, which he said had fundamentally altered the relationship between GoldBod and the central bank.