"GoldBod plays central role in Ghana’s gold value chain" – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has highlighted the Ghana Gold Board (GoldBod)’s central role in the country’s gold value chain, particularly in the aggregation and export of gold.

Speaking at the 132nd Monetary Policy Committee (MPC) press briefing, Dr. Asiama said GoldBod’s gold shipments have resumed at significant levels, supporting the continued accumulation of Ghana’s foreign exchange reserves.

According to the BoG Governor, the regularity of GoldBod’s shipments had weakened in August compared with the preceding two quarters, but recent data showed a significant improvement.

“The shipments have resumed. In fact, in the last week, GoldBod exported quite a significant amount of gold, and this is supporting the reserves build-up,” Dr. Asiama said.

He explained that the latest shipment information became available after the MPC meeting had commenced, prompting the Bank to revise its assessment of the situation based on the new data.

Dr. Asiama noted that while fluctuations in shipment volumes could affect the pace of reserve accumulation, the more significant risk currently facing gold-related foreign exchange inflows was movements in international gold prices.

“What poses a risk is the international gold price out there, and you know that one is not within our control,” he said.

The Governor also indicated that GoldBod is expected to play a greater role in the intermediation segment of the Bank’s evolving foreign exchange management framework.

He said the Bank of Ghana was engaging GoldBod to finalise the new framework, with details expected to be communicated to the market once the arrangements are completed.

Dr. Asiama’s comments underscore GoldBod’s growing importance in Ghana’s gold trade and its contribution to foreign exchange inflows and reserve accumulation.

Story by: Joshua Kwabena Smith