Ghana Gold Board projects US$1.4 billion in foreign exchange generation

The Ghana Gold Board (GoldBod) projects the generation of US$1.4 billion in foreign exchange for September. Under its current financing model, the institution plans to allocate US$700 million to commercial banks to support foreign exchange market stability and up to US$700 million to the Bank of Ghana to bolster national reserve accumulation.

GoldBod CEO Sammy Gyamfi stated the organization remains committed to its mandate of generating foreign exchange through transparent cooperation with the Ministry of Finance, the Bank of Ghana, and other market stakeholders. This liquidity injection aims to assist commercial banks in meeting import cover, trade finance, and corporate debt obligations.

Simultaneously, GoldBod has faced political scrutiny. Minority Leader in Parliament Alexander Afenyo-Markin has raised allegations regarding the institution's financial performance and potential losses, prompting calls for investigations. In response to these tensions, legal actions including Writs of Summons have been issued following allegations of extortion involving the CEO and media entities.