Ghana's state-owned artisanal gold marketing agency, GoldBod, is facing significant liquidity challenges, with five industry sources reporting that licensed gold purchasers have not been paid for up to three weeks. The funding delays have forced some operators to halt purchases or resort to borrowing to maintain operations despite the rising gold prices in global markets. GoldBod was established in 2025 with exclusive rights to purchase, sell, and export artisanal gold from Ghana, Africa's largest gold producer.
The agency was created as part of the government's broader strategy to combat gold smuggling and increase foreign currency inflows into the country. The liquidity crisis stems from a significant policy shift by Ghana's central bank. Initially, the Bank of Ghana provided funding to support GoldBod's operations, helping to bolster the agency's capacity.
However, the International Monetary Fund demanded that central bank funding be discontinued after losses were linked to GoldBod's purchasing activities. This directive left the state agency dependent on commercial banks and gold importers for its operational liquidity. Sammy Gyamfi, the chief executive of GoldBod, disclosed at a press conference last week that the agency had raised approximately 839 million dollars in advance payments for gold purchases conducted between March and May.
However, subsequent payment flows have deteriorated significantly. Three banking executives stated that the Bank of Ghana has raised concerns regarding GoldBod's auction program, viewing it as inconsistent with the institution's operational structure. Both the Bank of Ghana and GoldBod are reportedly working to address these structural issues.
Kwaku Ohemeng Amosah, chief executive of the Chamber of Gold Buyers, attributed the delays to GoldBod's inability to self-fund following the central bank's exit from the arrangement. He stated that individual purchasers could seek additional funding independently to bridge the liquidity gap. On-the-ground reports from Ghana's mining regions reflect the severity of the situation.
A gold dealer in the Ashanti Region reported waiting an entire day without receiving payment, while a purchaser from Ghana's Western Region indicated that funds had not been received for approximately three weeks. These operational disruptions occur even as international gold prices remain elevated, creating additional pressure on the licensed purchasers who must meet obligations to suppliers and miners. Banking executives indicated that fewer than five banks participate in GoldBod's auction programme.
They noted that lenders felt more secure when the central bank backed the arrangement, suggesting that the withdrawal of central bank support has made commercial banks more cautious about extending credit to the agency. Neither GoldBod nor the Bank of Ghana responded immediately to requests for comment regarding the ongoing liquidity challenges and timeline for resolution. Source: Reuters
Source: energynews.oedigital.com