GoldBod Slams Funding Crisis Claims, Insists Gold Purchases On Track
GoldBod, Ghana's gold-buying authority, has denied claims that funding constraints are disrupting gold purchases by licensed buyers. According to reports on August 24, 2026, some companies licensed to purchase gold for GoldBod had experienced funding delays of up to three weeks.
GoldBod Responds to Funding Claims
In a statement, GoldBod clarified that its trade-financing arrangements remain operational and that purchases of artisanal and small-scale mining (ASM) gold are continuing. The authority emphasized that direct financing from GoldBod is available only to licensed aggregators, rather than every company operating under its gold-buying framework.
The distinction is crucial, as some reports had suggested that licensed buyers were experiencing funding delays due to GoldBod's alleged inability to finance its statutory gold-purchasing mandate. However, GoldBod maintained that its statutory operations remain fully active and that it continues to purchase and aggregate ASM gold through its licensed buyers.
New Controls Introduced to Strengthen Accountability
GoldBod also pointed to new financing and risk-management controls introduced on July 22, 2026, which took effect on August 1. The measures aim to strengthen accountability, improve credit-risk management, and protect public funds within the gold-purchasing chain. Under the revised framework, eligible buyers seeking financing through an aggregator must hold a valid GoldBod license and undergo Know Your Customer (KYC), due-diligence, and creditworthiness assessments.
Buyers are also required to sign formal trade-financing agreements, comply with reporting and repayment requirements, and provide security such as bank guarantees, advance payment guarantees, or insurance bonds. Existing beneficiaries were required to regularize their participation in the financing program and settle outstanding obligations within the prescribed period.
GoldBod's Institutional Responsibility
GoldBod emphasized that its institutional responsibility is to ensure that its approved financing is properly deployed, monitored, and recovered within the applicable financing and risk-management framework. The authority also clarified that licensed buyers outside the aggregator category do not have an automatic entitlement to indirect financing from GoldBod.
Where such buyers require financing to purchase gold for onward supply through an aggregator, the financing is arranged directly with the relevant aggregator. GoldBod rejected any suggestion that a downstream buyer's inability to access or draw down such financing amounts to a shortfall in GoldBod's funding.
What's Next for GoldBod?
GoldBod's clarification comes as the authority continues to purchase and aggregate ASM gold through its licensed buyers. The new controls introduced on July 22, 2026, aim to strengthen accountability and protect public funds within the gold-purchasing chain. It remains to be seen how these measures will impact the gold-buying framework and whether they will address the concerns raised by some licensed buyers.
Source: Joy Online
