Ghana's GoldBod Buyers Face Payment Delays as Funding Model Shifts
Ghana's GoldBod licensed buyers face payment delays of up to three weeks after central bank funding ended, disrupting artisanal gold purchases.
Licensed buyers working with Ghana's state-run artisanal gold marketing agency, GoldBod, are experiencing significant payment delays, with some operators going without funds for up to three weeks. This funding squeeze is forcing some to pause purchases or take on debt, even as global gold prices remain high, according to five industry sources.
GoldBod was established in 2025 to serve as the exclusive buyer, seller, and exporter of artisanal gold in Ghana, Africa's largest gold producer. The agency was created to curb smuggling and strengthen foreign currency inflows, and its initial operations were backed directly by the Bank of Ghana. This arrangement helped stabilize the economy, but the International Monetary Fund (IMF) called for an end to central bank financing after losses were linked to gold purchases. GoldBod now relies on commercial banks and gold importers for liquidity.
GoldBod's CEO, Sammy Gyamfi, stated last week that the agency raised nearly $839 million in advances for purchases between March and May. A foreign exchange auction held on August 3 raised about $75 million before being paused for consultations with the central bank. Three banking executives indicated that the Bank of Ghana views GoldBod's auction program as inconsistent with its operating framework, and both institutions are working to resolve the issue.
Kwaku Ohemeng Amoah, CEO of the Chamber of Gold Buyers, attributed the delays to GoldBod's funding limitations following the central bank's exit, suggesting buyers could seek supplementary funding on their own. A gold trader in the Ashanti Region described the last two weeks as "terrible," noting that a full day could be spent waiting without receiving funds. Another buyer in the Western Region reported not receiving funds for about three weeks. The sources requested anonymity as they were not authorized to speak publicly.
Banking executives added that fewer than five banks participated in GoldBod's auction program, with lenders feeling more comfortable when the central bank backstopped the arrangement. GoldBod and the Bank of Ghana have not yet responded to requests for comment.