Ghana's state-owned GOLDBOD has delayed payments to licensed artisanal gold buyers for up to three weeks. This funding shortfall forces some operators to suspend purchases or borrow money to maintain their businesses. The payment delays threaten Ghana's efforts to formalize its artisanal gold sector and increase foreign exchange earnings.
The delays stem from GOLDBOD's tighter access to funding. This follows the Bank of Ghana's withdrawal from directly financing artisanal gold purchases. The central bank's exit came after the International Monetary Fund (IMF) highlighted significant losses linked to the gold purchasing programme. GOLDBOD now relies on commercial banks and gold importers for liquidity, a shift that has proven challenging.
This situation fits into a broader economic debate in Ghana regarding the financial performance of its domestic gold purchasing initiatives. The IMF reported losses of about $1.7 billion in 2025 from the Bank of Ghana's previous programme. GOLDBOD was established in 2025 with exclusive rights to buy, sell, and export artisanal gold. Its goal was to curb smuggling and boost Ghana's foreign exchange inflows. The current liquidity constraints could undermine these critical objectives.
Industry sources, speaking anonymously to Reuters, confirmed the payment issues. One gold trader in Ghana's Ashanti Region described the situation as "terrible," with operators waiting a full day without receiving funds. Another buyer in the Western Region reported not receiving funds for approximately three weeks. These accounts underscore the immediate operational difficulties faced by licensed buyers across the country.
The Chief Executive of the Chamber of Gold Buyers, Kwaku Ohemeng Amoah, stated that the funding delays reflect GOLDBOD's constraints after the central bank's exit. He suggested licensed buyers could seek independent supplementary funding to support their operations. This highlights the need for diversified financing solutions within the sector. GOLDBOD Chief Executive Sammy Gyamfi previously stated the agency raised nearly $839 million in advances between March and May. GOLDBOD also conducted a foreign exchange auction on August 3, raising about $75 million from commercial banks. However, this auction was paused for consultations with the Bank of Ghana.
Three banking executives told Reuters that the Bank of Ghana considered GOLDBOD's auction programme inconsistent with its operating framework. They noted fewer than five banks participated in the auction, preferring central bank backing for such arrangements. This indicates a lack of confidence among commercial lenders without the central bank's explicit support. The Bank of Ghana and GOLDBOD are reportedly working to resolve these concerns. However, the current impasse affects the smooth flow of funds.
The funding difficulties arrive at a sensitive time for Ghana's gold sector. Bullion prices are surging globally, and the government increasingly relies on GOLDBOD to channel artisanal gold sales through formal markets. Persistent delays could disrupt the entire purchasing chain, potentially pushing artisanal miners back to informal channels. This would counteract the government's strategy to reduce smuggling and strengthen national reserves. Decision-makers must address these liquidity issues swiftly to safeguard Ghana's gold strategy and economic stability.