GoldBod will no longer rely on the Bank of Ghana to finance gold purchases.



It has secured an initial $75 million from commercial banks.



GoldBod exported about 103 tons of artisanal and small-scale gold in 2025.


Ghana’s GoldBod has ended its reliance on the Bank of Ghana (BoG) to finance artisanal gold purchases, shifting to commercial banks and buyers after the previous funding model raised questions about its cost to the central bank.

GoldBod CEO Sammy Gyamfi announced the change on August 11, saying it aims to strengthen the state-owned entity’s “operational independence.” The previous model had drawn attention both for its performance and for losses attributed to the gold purchase program.

Created in April 2025, GoldBod took over functions previously performed by the Precious Minerals Marketing Company (PMMC) under Ghana’s national gold purchase program. It mainly buys and aggregates gold from artisanal and small-scale miners for export to generate foreign currency or to help build the Bank of Ghana’s gold reserves.

GoldBod Diversifies Its Funding Sources

In its first year, GoldBod exceeded its target of exporting 100 tons of gold. It exported about 103 tons of artisanal and small-scale gold in 2025, valued at an estimated $10.8 billion.

However, the Bank of Ghana’s role in financing the program raised questions about the cost to the central bank. By the end of September 2025, losses of about $214 million had been reported in connection with the program. The Bank of Ghana later disputed treating that amount as a definitive loss pending an audit.

GoldBod now says it directly raises funds from commercial banks and buyers to finance its gold purchases, without relying on the central bank. On August 11, it announced an initial $75 million pilot financing from commercial banks.

According to GoldBod, the new approach has so far allowed it to continue purchasing gold in line with its mandate.

The coming months will provide a test of the new funding model, particularly its effect on GoldBod’s financial performance. The stakes are significant because the entity remains central to the government’s strategy to strengthen control over the gold industry, the country’s largest export sector.

Aurel Sèdjro Houenou