The Ghana Gold Board (GoldBod) has rejected claims that Bank of Ghana Governor Dr Johnson Pandit Asiama’s resignation from its board signals a conflict between the two institutions. Dr Asiama disclosed at the Bank of Ghana’s Monetary Policy Committee meeting on September 24 that he had stepped down from the GoldBod board about five months earlier and no longer attended its meetings.
GoldBod responded on Facebook on September 28, saying a “wrong impression” was being created by his comments. The institution explained that Dr Asiama’s exit aligns with the provisions of the Ghana Gold Board Act, 2025 (Act 1140), which allows the BoG Governor to nominate a representative to the board.
Dr Asiama initially served personally on the GoldBod board after the institution was set up. But on May 11, 2026, he wrote to the board nominating Mrs Matilda Asante-Asiedu, the BoG’s Second Deputy Governor, to represent him due to his workload. Section 4(e) of Act 1140 states the board must include “the Governor of the Bank of Ghana or a representative of the Governor of the Bank of Ghana not below the rank of a Director nominated by the Governor of the Bank of Ghana.” This means the Governor does not have to sit on the board personally.
At the MPC meeting, Dr Asiama also said the law does not require him to be on the board in person. The Bank of Ghana can be represented by another official of suitable rank.
GoldBod pointed out that this kind of change in representation is common. For example, the Minister for Finance, Dr Cassiel Ato Forson, appointed Deputy Finance Minister Thomas Nyarko Ampem as his representative from the start because of his schedule. Similarly, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, served personally before nominating the ministry’s Chief Director, Marcus Haligah, in January 2026.
These examples show that Act 1140 allows designated office-holders to send qualified representatives to the board when they cannot participate personally.
GoldBod dismissed suggestions that Dr Asiama’s departure indicated an internal crisis. The institution said the Governor no longer attending personally “does not mean that there is any ongoing rot at the GoldBod” or a fight between the Bank of Ghana and GoldBod. Instead, Dr Asiama exercised the legal option to nominate his Second Deputy Governor to represent him.
This clarification comes amid increased public scrutiny of the relationship between GoldBod and the Bank of Ghana, especially over financing domestic gold purchases. The Bank of Ghana confirmed it ended its previous financing arrangement with GoldBod on July 1, 2026. The government has since taken over funding GoldBod’s activities.
Despite this change, the central bank described GoldBod’s operations as important to managing Ghana’s exchange rate. In August, GoldBod announced it had stopped acting as a buying agent for the Bank of Ghana and shifted to self-funded gold aggregation for export and reserve building.
GoldBod stressed that the Bank of Ghana remains represented on its board through Mrs Asante-Asiedu, and the two institutions continue to work closely.
Under Act 1140, GoldBod was created to oversee buying, selling, and exporting gold and other precious minerals, promote value addition and responsible mining, support the accumulation of gold reserves by the Bank of Ghana, and generate foreign exchange for Ghana.
Dr Asiama’s decision to step back from the board does not change the Bank of Ghana’s involvement in GoldBod’s governance or operations. It reflects a legal provision that allows senior officials to choose representatives, ensuring continuity despite their other responsibilities.
According to Joy Online.
