GoldBod Funding Crisis: Ghana’s Gold Buyers Face Up to 3-Week Delays

Ghana’s gold-buying sector is facing fresh funding pressures, with companies licensed to purchase artisanal gold for the Ghana Gold Board (GoldBod) reportedly experiencing payment delays of up to three weeks.

The delays have reportedly forced some licensed buyers to suspend gold purchases, while others have borrowed money to remain operational despite rising gold prices, according to five industry sources cited by Reuters.

The development raises fresh questions about the liquidity arrangements supporting Ghana’s state-led gold purchasing programme and comes amid growing scrutiny of GoldBod’s financing model and the financial implications of the country’s domestic gold purchase programme.

Gold Buyers Report Payment Delays

According to Reuters, some companies operating as GoldBod-funded buyers have gone without payments for extended periods.

A gold trader in Ghana’s Ashanti Region reportedly said buyers could spend an entire day waiting for funds without receiving them, while another GoldBod-funded buyer in the Western Region said funds had not been received for about three weeks.

The sources spoke anonymously because they were not authorised to publicly discuss the matter.

Kwaku Ohemeng Amoah, Chief Executive of the Chamber of Gold Buyers, attributed the difficulties to limitations on GoldBod’s funding following the Bank of Ghana’s withdrawal from direct financing.

He said buyers could seek supplementary funding themselves.

GoldBod and the Bank of Ghana had not immediately responded to Reuters' requests for comment at the time of publication.

Why GoldBod’s Funding Structure Has Changed

GoldBod was established in 2025 and given exclusive rights to buy, sell and export artisanal gold as part of efforts to formalise the sector, curb gold smuggling and increase foreign-exchange inflows.

The programme initially benefited from financing by the Bank of Ghana.

However, the International Monetary Fund raised concerns about central-bank financing of the gold-purchasing programme following losses associated with the transactions.

The Bank of Ghana subsequently stepped back from directly financing GoldBod purchases, leaving the state agency more reliant on commercial banks and gold importers for liquidity.

GoldBod Chief Executive Sammy Gyamfi recently said the agency had raised nearly US$839 million in advance funds between March and May to support gold purchases.

A foreign-exchange auction involving commercial banks on August 3 also raised approximately US$75 million, but the programme was subsequently paused for consultations with the Bank of Ghana.

Three banking executives cited by Reuters said fewer than five banks participated in the auction programme and that some lenders were more comfortable providing funding when the central bank backed the arrangement.

GoldBod’s Wider Financial Controversy

The reported funding delays come as GoldBod faces a separate and highly publicised debate over the financial performance of Ghana’s Domestic Gold Purchase Programme.

Global Pulse GH previously reported on the GoldBod dispute surrounding claims of a US$1.7 billion loss, including Sammy Gyamfi’s response to the allegations.

The controversy centres partly on the distinction between losses recorded on the Bank of Ghana’s books under the Domestic Gold Purchase Programme and GoldBod’s own reported financial results.

That distinction has become important in the ongoing political and economic debate over whether GoldBod itself incurred the widely reported losses or whether the losses were primarily borne by the central bank under the broader programme.

The funding delays now add another dimension to the debate: whether GoldBod’s post-central-bank financing arrangements are sufficiently liquid to support regular gold purchases from licensed buyers and artisanal miners.

Ghana’s Gold Strategy Is Expanding

GoldBod’s role extends beyond the purchase of artisanal gold.

The government has been restructuring the country's gold-trading system in an effort to capture more value locally, increase foreign-exchange earnings and strengthen Ghana’s position in the international gold market.

Global Pulse GH recently reported on Ghana’s 30% gold deal with large-scale mining companies, another development that forms part of the country’s broader attempt to increase state participation and local value capture in the gold sector.

These developments mean that the effectiveness of GoldBod’s financing and purchasing system has implications beyond individual gold buyers.

A disruption in the buying chain could affect miners, licensed aggregators, exporters and ultimately Ghana’s foreign-exchange position.

What Does This Mean for the Cedi?

Gold has become increasingly important to Ghana’s foreign-exchange strategy.

Gold exports provide foreign currency, while a functioning domestic gold-buying system can help channel more of those earnings through formal financial and state-backed channels.

The reported funding delays therefore come at a time when the performance of the Ghanaian cedi remains closely watched by businesses, investors and households.

Global Pulse GH recently reported on the cedi’s strengthening against the US dollar, highlighting the relationship between improved foreign-exchange conditions and Ghana’s broader economic recovery.

However, the relationship between GoldBod and the cedi should not be oversimplified.

The exchange rate is influenced by several factors, including gold exports, foreign-exchange reserves, imports, investor confidence, monetary policy and broader global market conditions.

Local Refining Requirement Adds Another Major Change

The funding concerns come as GoldBod prepares to introduce another significant change in Ghana’s gold-export system.

GoldBod has directed Self-Financing Aggregators to ensure that gold doré purchased under arrangements with approved offtakers is refined in Ghana before export, effective September 1, 2026.

Affected aggregators have been given until August 31 to amend existing offtake agreements to include the mandatory local-refining requirement.

The policy is intended to increase local value addition and ensure that Ghana captures more economic value from its gold before the commodity leaves the country.

What Could the Funding Delays Mean?

If the reported delays persist, the immediate concern will be whether licensed buyers can continue purchasing gold consistently from artisanal and small-scale miners.

Gold buyers require liquidity to pay miners promptly. Any prolonged disruption in that chain could affect miners' ability to sell their output and could potentially push some transactions back toward informal or less-regulated channels.

That would run against one of GoldBod’s central objectives: bringing more of Ghana’s artisanal gold trade into a formal system.

The problem is therefore bigger than a delay in transferring money.

It raises questions about whether GoldBod’s current financing structure can provide sufficient liquidity at the speed required by Ghana’s gold market.

The Bigger Question for GoldBod

GoldBod's creation represented a major change in how Ghana approaches artisanal gold.

The government has sought to use the institution to reduce gold smuggling, improve foreign-exchange inflows, formalise the sector and strengthen Ghana’s position in the international gold market.

But the success of that strategy ultimately depends on whether the system can operate efficiently and sustainably.

A gold buyer who cannot access funds on time may struggle to purchase gold from miners.

A miner who cannot sell promptly may look for alternative buyers.

And if significant volumes of gold move outside the formal system, one of the key objectives of GoldBod could be undermined.

That makes the reported funding delays an issue worth watching closely.

What Happens Next?

The immediate focus will be on whether GoldBod and the Bank of Ghana can resolve the financing and liquidity concerns surrounding the purchasing system.

The participation of commercial banks will also be important, particularly if the central bank is no longer providing the same level of direct support.

For GoldBod, the challenge will be to demonstrate that its alternative financing arrangements can provide reliable liquidity while maintaining the reforms intended to reduce the financial risks associated with the gold-purchasing programme.

For Ghana, the broader objective remains clear: capture more value from the country's gold resources while strengthening foreign-exchange reserves and reducing illicit gold trading.

But achieving that objective will require not only strong gold prices and increased production, but also a purchasing and financing system capable of functioning smoothly.

Global Pulse GH will continue to monitor developments and update this story as GoldBod, the Bank of Ghana and industry stakeholders provide further clarification.

GLOBAL PULSE GH