There is a calculated attempt to mislead Ghanaians that GoldBod is operating a forex bureau and that GoldBod is making losses. But both claims are false.
*THE LAW IS CLEAR*
The Ghana Gold Board was established under the *Ghana Gold Board Act, 2025 (Act 1140)*, assented to in April 2025. Its statutory objects include generating foreign exchange for Ghana and supporting gold reserve accumulation by the Bank of Ghana.
On 2nd September 2026, the Ghana News Agency reported that GoldBod generated *US$1.315 billion* in foreign exchange in August 2026 alone. This is public record.
*THIS IS NOT FOREX TRADING*
When GoldBod generates dollars from gold exports, the dollars cannot and should not sit idle in its account; the money must work for Ghana.
Therefore, under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) approved by Cabinet and Parliament, GoldBod is required to sell its foreign exchange to the Bank of Ghana and commercial banks for cedis, to go back and buy more gold.
GNA confirmed this: Of the US$1.315bn in August, US$668.21 million was sold directly to commercial banks and US$646.59 million was made available to Bank of Ghana.
This is exactly what every exporter does. When AngloGold, Newmont and other large-scale miners repatriate export dollars into Ghana, they sell to their banks for cedis. Nobody calls them forex bureaus.
Forex trading means buying and selling forex. GoldBod does not buy forex. It only sells the forex it generates from its own gold exports. *That is export proceeds surrender, not forex bureau operation*.
Therefore, the allegation making the rounds on 1st September 2026 that *GoldBod needs a forex bureau license has been overtaken by GANRAP, which is the official government financing model.*
*GOLDBOD IS NOT MAKING LOSSES*
What is being *mischievously called “losses” are operational expenditures that generated income*.
Published figures show GoldBod in Q2 2025 recorded GH¢381 million revenue with GH¢24.7 million expenditure, resulting in a net trading income.
A technical assessment by University of Ghana economists led by Prof. Festus Turkson on 4th January 2026 found that GoldBod formalised 39.4 tonnes of previously smuggled gold worth US$3.8 billion in extra foreign exchange, with a benefit-cost ratio of 18 to 1 against the reported US$214 million Bank of Ghana trading provision. *That is a national gain, not a loss.*
Today, *GoldBod is the reason the cedi is stabilising and reserves are growing.*
If some in the NPP think repeating these falsehoods until they become a campaign slogan for 2028 will work, they should think again.
*This propaganda is dead on arrival.*
By: Anatu Anne Seidu Bogobiri Esq.,
DCEO Finance and Investment.
National Health Insurance Authority.
4/09/2026
