GoldBod Says It Had No Role In Selling BoG’s Gold

The Ghana Gold Board has explained that its role in the Bank of Ghana’s Domestic Gold Purchase Programme in 2025 was limited to purchasing and aggregating gold on behalf of the central bank.

GoldBod CEO Sammy Gyamfi said the institution did not participate in the sale of the gold purchased for the Bank of Ghana.

He explained that GoldBod inherited the buying-agent role previously performed by the Precious Minerals Marketing Company under a Gold Purchase Agreement signed with the Bank of Ghana in September 2023.

Under the arrangement, he said, the buying agent was responsible for purchasing gold on agreed terms and accounting for funds advanced for those purchases.

GoldBod accounted for approximately GH¢133 billion advanced to it during 2025, according to Mr Gyamfi.

He stressed that GoldBod was not a signatory to the off-take agreements used for the sale of gold under the programme and did not determine the selling prices or sale conditions.

He therefore argued that GoldBod could not logically be held responsible for losses arising from the subsequent sale of gold by the Bank of Ghana.