Ghana's GoldBod Buyers Face Funding Delays

Licensed gold buyers supplying Ghana’s state gold agency face severe payment delays of up to three weeks, forcing some to suspend purchases or secure loans.

Sources attribute the funding gap to the Bank of Ghana withdrawing direct financing for GoldBod’s artisanal gold purchases following International Monetary Fund recommendations.

GoldBod raised nearly $839 million from commercial banks and gold offtakers between March and May, but a recent $75 million foreign exchange auction stalled after the central bank raised concerns over its structure.

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With fewer than five banks taking part, lenders remain reluctant to extend credit without direct central bank backing.

The funding squeeze coincides with stricter GoldBod regulations, which now require buyers to post 10 to 50 per cent collateral on advances and purchase X-ray verification equipment by September 1.

Ghana's GoldBod buyers face funding delays (News Central TV) — Ghana’s GoldBod buyers face funding delays. Credit: Reuters

Chamber of Gold Buyers chief executive Kwaku Ohemeng Amoah noted that suppliers must now seek supplementary financing independently while GoldBod faces parliamentary scrutiny over an alleged GH¢1 billion central bank overdraft.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.