Ghana Gold Buyers Face Funding Delays as GoldBod Payments Stall

Companies licensed to purchase gold for Ghana’s artisanal gold marketing agency GoldBod have faced payment delays of up to three weeks, forcing some operators to suspend purchases or borrow money to remain in business, according to five industry sources.

The delays come as gold prices surge and raise concerns about liquidity within Ghana’s efforts to reform the artisanal gold trade.

Ghana, Africa’s largest gold producer, established GoldBod in 2025 with exclusive rights to buy, sell and export artisanal gold. The agency was created to tackle gold smuggling and increase foreign exchange inflows.

GoldBod purchases were initially financed by the Bank of Ghana, helping support the country’s economic recovery. However, the International Monetary Fund called for an end to central bank financing after the purchases resulted in losses, leaving GoldBod dependent on commercial banks and gold importers for funding.

GoldBod Chief Executive Sammy Gyamfi said last week that the agency had raised nearly $839 million in advances to finance gold purchases between March and May.

A foreign exchange auction for commercial banks on August 3 raised about $75 million before being suspended for consultations with the central bank.

Three banking executives said the Bank of Ghana considered GoldBod’s auction programme inconsistent with its operating framework. They said both institutions were working to resolve the concerns.

Kwaku Ohemeng Amoah, chief executive of the Chamber of Gold Buyers, said the payment delays reflected funding constraints following the central bank’s withdrawal from the financing arrangement.

One gold trader in Ghana’s Ashanti Region said buyers could spend an entire day waiting for funds without receiving payment. Another GoldBod-funded buyer in the Western Region said payments had been outstanding for about three weeks.

The sources requested anonymity because they were not authorised to speak publicly.

Banking executives said fewer than five banks had participated in GoldBod’s auction programme, with lenders more comfortable when the central bank provided backing for the arrangement.

GoldBod and the Bank of Ghana had not immediately responded to requests for comment.