GoldBod accused of operating as a forex bureau without Bank of Ghana licence

ACCRA, Ghana — A fresh controversy has erupted over the operations of the Ghana Gold Board (GoldBod) after former Finance Minister Dr. Mohammed Amin Adams alleged that the state-owned institution is conducting foreign exchange sales and auctions without the required licence from the Bank of Ghana.

Speaking at a press conference organized by the New Patriotic Party (NPP) Policy Coordinating Committee on Finance and Economy, Dr. Amin Adams argued that while GoldBod has statutory authority to buy, assay, refine and export gold, it has no legal mandate to function as a foreign exchange bureau or broker.

Amin Adams challenges GoldBod’s legal authority

Dr. Amin Adams contends that the Ghana Gold Board Act does not empower GoldBod to engage directly in foreign currency trading or organize forex auctions.

According to him, the institution’s recent activities — including selling US dollars to commercial banks and participating in foreign exchange market interventions — amount to regulated forex operations that ordinarily require prior authorization from the Bank of Ghana.

He questioned under what legal framework GoldBod is carrying out those transactions and urged the central bank to publicly clarify whether it has granted the institution any special approval.

What the law says

GoldBod was established in 2025 to regulate Ghana’s gold value chain, particularly the purchase and export of gold produced by licensed artisanal and small-scale miners. The agency’s official mandate includes licensing gold traders, aggregating gold, refining, valuation and export of precious minerals.

Separately, the Bank of Ghana requires entities wishing to operate as foreign exchange brokers or bureaux to obtain approval under the country’s interbank foreign exchange market regulations. The central bank publishes and regulates licensed FX brokers and forex bureaux operating in Ghana.

The heart of the dispute is whether GoldBod’s foreign exchange sales constitute an extension of its statutory gold mandate or whether they fall within activities that require a distinct BoG licence.

GoldBod’s growing role in the forex market

The allegations come just a day after GoldBod announced that it had generated US$1.315 billion in foreign exchange during August 2026 through its gold financing model. The institution said approximately US$668 million was sold to commercial banks, while another US$646 million was made available to the Bank of Ghana to strengthen Ghana’s foreign reserves under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod has also projected that it could generate US$1.4 billion in foreign exchange in September, reinforcing its expanding role in supporting cedi stability and reserve accumulation.

Government yet to respond

As of the time of publication, neither the Bank of Ghana nor GoldBod had issued a direct response to Dr. Amin Adams’ allegations regarding licensing.

The issue is expected to fuel broader political debate over the scope of GoldBod’s powers, particularly as the institution becomes increasingly central to Ghana’s gold trading, reserve accumulation and foreign exchange strategy.

Why this matters

If the concerns raised by Dr. Amin Adams result in a formal legal or regulatory review, the debate could determine whether GoldBod requires additional authorization from the Bank of Ghana to continue its foreign exchange market operations. Until then, the controversy remains a matter of competing legal interpretation rather than an established regulatory breach