The Ghana Gold Board (GoldBod) says the Bank of Ghana (BoG) continues to have full representation on its Board of Directors despite Governor Dr Johnson Pandit Asiama no longer serving personally on the board.
GoldBod said Dr Asiama’s decision to nominate the Second Deputy Governor, Mrs Matilda Asante-Asiedu, to represent him was consistent with the Ghana Gold Board Act, 2025 (Act 1140), and should not be interpreted as a sign of disagreement between the two institutions.
The clarification follows public interest in the Governor’s disclosure at the Bank of Ghana’s Monetary Policy Committee meeting on September 24, 2026, that he had stopped attending GoldBod board meetings after resigning from the board about five months earlier.
GoldBod, in a statement posted on Facebook on Monday, September 28, said the development had created a “wrong impression” about the relationship between the central bank and the gold-trading institution.
It explained that although Dr Asiama initially opted to serve personally on the GoldBod board after its establishment, he later wrote to the board on May 11, 2026, nominating Mrs Asante-Asiedu to represent him because of his workload.
GoldBod cited Section 4(e) of Act 1140, which provides for the GoldBod Board to include the BoG Governor or a representative of the Governor not below the rank of Director, nominated by the Governor.
The institution said the provision therefore does not require the BoG Governor to personally attend board meetings.
GoldBod further pointed to similar arrangements involving other government officials on the board.
According to the institution, Finance Minister Dr Cassiel Ato Forson nominated Deputy Finance Minister Thomas Nyarko Ampem to represent him on the board from the outset because of his schedule.
It added that the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, initially served personally on the board before nominating the ministry’s Chief Director, Marcus Haligah, in January 2026.
GoldBod said these changes reflected the flexibility provided by Act 1140 for designated office-holders to nominate qualified representatives when they are unable to participate personally in board activities.
It consequently rejected suggestions that Dr Asiama’s departure from the board was evidence of an internal crisis at GoldBod or a dispute between the institution and the Bank of Ghana.
“The fact that the Governor no longer personally sits on the board does not mean that there is any ongoing rot at the GoldBod,” the institution said, while stressing that there was no fight between the two institutions.
The clarification comes amid increased scrutiny of the relationship between GoldBod and the Bank of Ghana, particularly following changes to the financing and gold-purchasing arrangements between the two institutions.
The Bank of Ghana has confirmed that it ended its previous financing arrangement with GoldBod effective July 1, 2026, after which the government assumed responsibility for funding GoldBod’s activities.
The central bank, however, has maintained that GoldBod’s operations remain important to Ghana’s exchange-rate management framework.
GoldBod also announced in August that it had ended its role as a buying agent for the Bank of Ghana and had moved towards self-funded gold aggregation for export and reserve accumulation.
Despite those changes, GoldBod said the two institutions continue to work together, with the BoG remaining represented on its board through Mrs Asante-Asiedu.
Under Act 1140, GoldBod is responsible for overseeing the buying, selling and export of gold and other precious minerals, promoting value addition and responsible mining, supporting the accumulation of gold reserves by the Bank of Ghana and generating foreign exchange for the country.
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