GoldBod denies funding crisis despite reports of delayed payments to gold suppliers

The Ghana Gold Board (GoldBod) has denied reports of a funding crisis within its gold-buying programme, despite industry sources reporting that some suppliers have gone weeks without receiving funds. While GoldBod maintains it has the financial capacity to fulfill its statutory mandate, its recent clarifications reveal a structural reliance on commercial credit for most participants.

According to industry sources, licensed gold-buying companies have experienced funding delays of up to three weeks, forcing some operators to halt purchases or seek external loans to remain operational. GoldBod responded by stating that its trade-financing arrangements are separate from the commercial credit arrangements that aggregators choose to extend to downstream buyers. The agency clarified that funding is provided based on creditworthiness, security, and risk assessments.

Some industry experts suggest that GoldBod’s decision to fund trade from its own balance sheet after decoupling from the Bank of Ghana may have contributed to recent constraints. Additionally, GoldBod’s recent efforts to raise funds through foreign exchange auctions to commercial banks were reportedly paused for consultations with the central bank, as the Bank of Ghana reviewed the consistency of the auction programme with its operating framework.