Governor of the Bank of Ghana, Dr. Johnson Asiama, says the operations of the Ghana Gold Board (GoldBod) will strengthen the country’s reserves. This boost is crucial for maintaining economic and financial stability, bolstering monetary policy, and signaling improved economic health and investment prospects following the implementation of the Extended Credit Facility (ECF).
Dr. Asiama who stated this on the sidelines of the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), noted that the initiative will be helping to streamline the export of small-scale gold and eliminate irregularities in the small-scale gold sector. He said the Bank’s inclusion on the GoldBod would ensure that buying, selling, and the export of gold are done properly for the country to reap the needed benefits.
Established earlier this month, the GoldBod would act as the sole buyer of gold through license aggregators and local traders, marking 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.
GNA