The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has announced that the institution will commence full-scale operations in 2026, marking a significant shift in Ghana’s gold trading framework and foreign reserve accumulation strategy.

Speaking on TV3’s The Key Points on Saturday, December 27, 2025, Mr Gyamfi explained that the move will allow GoldBod to operate fully in line with the mandate provided under the Ghana Gold Board Act, moving beyond its current transitional role as an agent of the Bank of Ghana (BoG).

According to him, the existing arrangement—under which GoldBod purchases, assays and exports gold on behalf of the BoG—was inherited from the former Precious Minerals Marketing Company Limited (PMMC). He noted that GoldBod, which is less than a year old, assumed PMMC’s assets, liabilities and contractual obligations, including those linked to the Domestic Gold Purchase Programme introduced in 2022.

“As an institution, we are still in transition. From 2026, GoldBod will fully take off,” Mr Gyamfi said, adding that much of 2025 has been spent laying the necessary institutional, regulatory and operational groundwork for independent operations.

He explained that the full rollout in 2026 will help resolve long-standing structural and accounting challenges associated with the Gold-for-Reserves programme, particularly issues raised by the International Monetary Fund (IMF) about how the programme’s costs are captured on the Bank of Ghana’s balance sheet.

Mr Gyamfi revealed that while the IMF has acknowledged the programme’s effectiveness in boosting Ghana’s foreign reserves well ahead of target, it has also recommended reforms to ensure that the associated financial obligations are not borne solely by the central bank.

Under the planned reforms, GoldBod will assume its full statutory authority, including stronger regulatory and enforcement powers to combat gold smuggling, reduce revenue leakages and improve pricing efficiency across the gold value chain. These powers, he said, were either unavailable or limited under the previous PMMC structure and the current agency model.

He emphasised that GoldBod’s mandate remains strategic rather than profit-driven, with a focus on foreign exchange generation, macroeconomic stability and national development. This policy orientation, he said, will continue under the full operational model, supported by clearer institutional roles and improved financial reporting.

Mr Gyamfi also stated that GoldBod’s financial position remains robust, noting that the Board has recorded surpluses since its establishment and has been publishing quarterly financial statements in compliance with legal requirements. He added that external audits expected in early 2026 will provide further validation of the institution’s financial performance ahead of its full operational launch.