The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama says operations of the Ghana Gold Board (GoldBod) will shore up the country’s reserve.

That, he said, would be essential in maintaining economic and financial stability, supporting monetary policy, signalling better economic health and investment, post-Extended Credit Facility (ECF) implementation.

Governor Asiama said this in an interview on the sidelines of the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

“We will be able to streamline the export of small-scale gold… and optimistic that the Gold Board will take out those irregularities [in the small-scale gold sector]. And the effects will be to our reserves, which helps us to gain stability,” he said.

Dr. Asiama said the Bank’s inclusion on the GoldBod would help in monitoring how things would evolve, ensuring that buying, selling, and exporting of gold were done properly for the country to reap the benefits thereof.

Established earlier April 2025, the GoldBod would act as the sole buyer of gold through licence aggregators and local traders.

That would mark a shift from the previous framework where Ghanaians and foreign companies with export licenses could purchase the commodity without going through the approved rules.

Until the establishment of the GoldBod, purchasing in Ghana operated under a fragmented system involving multiple entities, including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and private aggregators. 

“As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold,” said Dr. Cassiel Ato Baah Forson, Finance Minister, in January 2025, expressing concern about the country not gaining much from the commodity.

He expressed confidence in the operations of the GoldBod’s in bringing coherence to the sector, noting that the comprehensive legal framework would grant the board exclusive rights to streamline gold trading.

It would also ensure full repatriation of foreign exchange earnings and pursue certification from the London Bullion Market Association (LBMA), the Finance Minister stated.

“The GoldBod will enable us to harness the entire value chain of gold production, from extraction to refining, value addition, and marketing, both locally and internationally,” Dr. Forson said.