Sammy Gyamfi clarifies Ghana Gold Board foreign exchange operations to PAC

Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board, has informed Parliament's Public Accounts Committee (PAC) that the newly established agency does not engage in foreign currency trading. Testifying before the committee, Gyamfi clarified that the Board's primary function regarding currency is to sell foreign exchange generated from its gold operations directly to the Bank of Ghana and authorized commercial banks in exchange for cedis. This operational structure, established under the Ghana Gold Board Act of 2025, is designed to bolster national gold reserves while maintaining a steady flow of liquidity into the domestic financial system.

Gyamfi emphasized that the Board's funding and exchange model received specific authorization from the Bank of Ghana following approval from the Minister of Finance. During the hearing, committee members focused on the legal nature of this arrangement, requesting the Board to provide formal documentation to confirm whether the central bank's authorization serves as a de facto trading license. The CEO maintained that the Board acts as a supplier rather than a speculative trader, ensuring that the proceeds from gold sales are integrated into the formal banking sector through approved channels.

The clarification comes as the Ghana Gold Board implements its new Spot FX Sales and Intermediation Framework, which was launched to bring greater predictability to the domestic dollar supply. Under this framework, authorized banks can purchase foreign exchange on specific, pre-determined days. This systematic approach is intended to allow market participants to plan their foreign exchange needs more effectively, reducing the frantic search for dollars that often drives market instability.

Providing economic context to the Board's activities, economist and political risk specialist Dr. Theo Acheampong noted that while the new framework improves market transparency, it does not replace the Bank of Ghana's core mandates. Acheampong stressed that the central bank must remain vigilant and intervene directly whenever the cedi experiences excessive volatility. He argued that the Gold Board’s expanding role should be viewed as a complementary mechanism that supports currency stability by ensuring a transparent and reliable supply of foreign exchange to the banking sector.