The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has told Parliament’s Public Accounts Committee (PAC) that the institution does not trade in foreign exchange but sells currency generated through its statutory gold operations.

Mr Gyamfi made the clarification when he appeared before the committee on Tuesday, October 13, amid questions about GoldBod’s foreign exchange transactions and whether it holds the necessary authorisation to conduct them.

He explained that GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), with a mandate to generate foreign exchange for the country and support the Bank of Ghana’s efforts to build national gold reserves.

“The Gold Board does not trade currency. The word trade means or connotes the buying and selling of a commodity. The Gold Board does not buy currency,” he told the committee.

According to him, the institution sells only foreign exchange generated through its statutory operations and does not operate like licensed forex bureaus and dealers that buy and sell currencies.

Mr Gyamfi said the proceeds from the foreign exchange sales provide the cedis needed to finance GoldBod’s gold purchases on the domestic market. 

Bank of Ghana Authorisation

The GoldBod CEO disclosed that the institution had sought guidance from the Bank of Ghana (BoG) regarding its foreign exchange operations after obtaining policy approval for its funding model from the Minister of Finance.

He said GoldBod wrote to the central bank on September 23, 2026, requesting guidance and authorisation for the arrangement.

According to Mr Gyamfi, the Bank of Ghana subsequently provided the necessary guidance and authorisation for GoldBod to sell foreign exchange generated through its operations.

He maintained that the transactions were conducted within the regulatory framework governing Ghana’s foreign exchange market, under the supervision of the central bank.

The CEO said the arrangement was necessary to enable GoldBod to convert its foreign currency proceeds into cedis to finance gold purchases and fulfil its statutory responsibilities. 

PAC Seeks Clarification on Licence

The issue arose after PAC Chairperson Abena Osei-Asare questioned whether GoldBod traded in foreign currency and whether it possessed a Bank of Ghana licence to undertake such transactions.

In response, Mr Gyamfi distinguished between trading in foreign exchange and selling currency earned through GoldBod’s statutory activities.

However, committee members requested a copy of the correspondence between GoldBod and the central bank to establish the nature and scope of the authorisation granted.

The request is intended to help the committee determine whether the Bank of Ghana’s guidance constitutes a formal licence or another form of regulatory approval.

The distinction remains important to the committee’s scrutiny of the institution’s operations and compliance with the rules governing foreign exchange transactions. 

GoldBod Defends Its Statutory Mandate

Mr Gyamfi cited Section 2B of the Ghana Gold Board Act, 2025, as the legal basis for the institution’s responsibility to generate foreign exchange for Ghana.

He argued that selling the foreign currency earned through its operations was an essential part of that mandate, enabling the institution to obtain the local currency required to purchase gold.

GoldBod’s foreign exchange activities have attracted increased public and parliamentary scrutiny amid broader debate about the financial implications of Ghana’s domestic gold purchase programme and the respective responsibilities of GoldBod and the Bank of Ghana.

The CEO has maintained that the Board’s role should be distinguished from the central bank’s responsibility for the financial outcomes of the programme.

The PAC’s request for the relevant correspondence is expected to provide further clarity on the regulatory basis of GoldBod’s foreign exchange sales.

As parliamentary scrutiny continues, the committee’s examination will focus on the institution’s statutory mandate, the authorisation governing its transactions and the accountability arrangements surrounding its operations.

Photo courtesy: Sammy Gyamfi, Ghana News Today