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Ghana Gold Agency Faces Payment Delays
24 Aug
Summary
- Gold buying companies haven't been paid for up to three weeks.
- GoldBod, Ghana's artisanal gold agency, faces liquidity issues.
- Central bank financing withdrawal impacts agency's payment capabilities.
Companies licensed to purchase gold for Ghana's artisanal marketing agency, GoldBod, have not received payments for as long as three weeks. This has compelled some operators to cease purchases or seek alternative funding, even as gold prices surge. Ghana established GoldBod in 2025 with exclusive rights to trade artisanal gold, aiming to reduce smuggling and increase foreign currency inflows.
Initially supported by the Bank of Ghana, GoldBod's financing model shifted after the IMF recommended ending central bank involvement due to associated losses. Consequently, the agency now depends on commercial banks and gold importers for liquidity. Although GoldBod reported significant advance payments between March and May, a recent foreign exchange auction was paused for central bank consultations, indicating ongoing financial coordination challenges.
Industry sources highlight that the payment delays are a direct consequence of limited funding following the central bank's disengagement. The situation has been described as difficult, with prolonged waits for funds. Fewer than five banks have participated in GoldBod's auction program, with lenders preferring arrangements backed by the central bank.
