Dr Johnson Asiama, Bank of Ghana Governor
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), says the operations of the newly established Ghana Gold Board (GoldBod) will significantly boost the country’s reserves and strengthen its economic and financial stability.
Speaking in an interview on the sidelines of the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), Dr Asiama emphasised that the move is critical in supporting monetary policy and signaling improved economic health and investment prospects following the implementation of Ghana’s Extended Credit Facility (ECF) program.
“We will be able to streamline the export of small-scale gold, and I am optimistic that the Gold Board will eliminate irregularities in the small-scale gold sector,” he said.
“The effects will be reflected in our reserves, which in turn will help us achieve greater stability.”
Dr Asiama noted that the Bank of Ghana’s involvement in GoldBod’s operations would enhance oversight, ensuring that the buying, selling, and export of gold are properly regulated to maximize the country’s benefits.
Launched in April 2025, the GoldBod serves as the sole authorized buyer of gold, operating through licensed aggregators and local traders. This marks a major shift from the previous system, where both Ghanaian and foreign companies with export licenses could trade gold independently, often outside regulated channels.
Prior to the establishment of the GoldBod, gold purchasing in Ghana was fragmented among multiple entities, including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana itself, the Minerals Income Investment Fund (MIIF), and private aggregators.
Highlighting the significance of the initiative, Finance Minister Dr Cassiel Ato Forson said in January 2025 that despite being Africa’s leading gold producer, Ghana had not been maximizing its foreign exchange earnings from gold.
He expressed confidence that the GoldBod’s operations would bring much-needed coherence and structure to the sector. The new framework grants the board exclusive rights to oversee gold trading, ensure full repatriation of foreign exchange earnings, and pursue international certification, including from the London Bullion Market Association (LBMA).
“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 stated.
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