GoldBod Rejects BoG Fiscal Agent Proposal For Now
ACCRA — The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has disclosed that the Bank of Ghana has proposed to act as GoldBod’s fiscal agent, but the Board has not accepted the offer and is weighing its options.
Speaking on JoyNews on Monday, Mr Gyamfi said discussions between the two institutions remain ongoing. He clarified that while the central bank tabled the proposal as part of broader coordination on financial and foreign exchange operations, GoldBod has yet to formalize any arrangement.
According to a MyJoyOnline news report, the GoldBod CEO emphasized that the institution now possesses the requisite human capital and systems to execute its core mandate independently. He noted that GoldBod is no longer reliant on the Bank of Ghana to intermediate fundraising activities on its behalf, a shift that reflects the Board’s evolving institutional capacity.
The statement comes in the wake of the termination of the Domestic Gold Purchase Programme, after which GoldBod assumed direct responsibility for buying and selling gold domestically and for providing foreign exchange to the central bank. Analysts say the delineation of roles between a statutory gold trading entity and the monetary authority raises critical questions about fiscal agency, liquidity management and the safeguarding of state revenue.
“Any future arrangement must be structured to protect the interests of the state while ensuring operational efficiency,” Mr Gyamfi stated. “We are considering the proposal carefully before reaching a decision.”
The outcome of the deliberations will have implications for Ghana’s gold sector governance, particularly as GoldBod seeks to maximize value from mineral resources and streamline forex inflows. For now, both institutions have signaled that dialogue will continue, but no binding agreement is in place.
Source: MyJoyOnline
Author: Korkor Anumu
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