Skip to main content

"I'm no long on GoldBod Board"- BoG Governor

 inflation, BoGBank of Ghana (BoG) Governor Dr. Johnson Asiama says he resigned from the Board of Directors of the Ghana Gold Board (GoldBod) about five months ago and no longer participates in its meetings.

His clarification follows concerns raised by the opposition New Patriotic Party (NPP) over his membership of the GoldBod Board and the potential for a conflict of interest arising from his roles as central bank Governor and a GoldBod director.

Former Finance Minister and NPP Member of Parliament for Karaga, Dr Mohammed Amin Adam, raised the issue during an NPP press briefing on September 1.

The concerns centred on the relationship between the Bank of Ghana and GoldBod, including the central bank’s involvement in financing GoldBod’s gold-purchasing operations and reported losses associated with the domestic gold purchase programme.

Dr. Asiama, however, said he had already stepped down from the GoldBod Board and had not participated in its meetings since his resignation.

“I resigned from the GoldBod Board about five months ago or so. I do not attend board meetings at the GoldBod at all,” Dr. Asiama told journalists.

Governor's board membership not mandatory

Dr. Asiama explained that although the Ghana Gold Board Act, 2025 (Act 1140) provides for representation from the Bank of Ghana on the GoldBod Board, it does not require the Governor personally to serve on the board.

He said the legislation allows the central bank to be represented either by the Governor or another Bank of Ghana official of the required rank.

“The law that governs the activities of the GoldBod, there’s a provision there for the Bank of Ghana to be represented either by the Governor or any other official up to the rank of a director,” he said.

He stressed that the provision does not make the Governor's personal participation on the board a statutory requirement.

“It does not necessarily need the Governor to be there.”

GoldBod-BoG relationship under scrutiny

The clarification comes amid wider scrutiny of the relationship between GoldBod and the central bank, particularly over the financing of GoldBod's gold purchases under the domestic gold purchase programme.

GoldBod, established under the 2025 legislation, plays a central role in Ghana's gold trading and purchasing activities, while the Bank of Ghana has responsibilities relating to monetary and financial stability.

Dr. Asiama's comments indicate that although the Bank of Ghana is required to have representation on the GoldBod Board, the responsibility can be assigned to another senior official rather than the Governor.

His disclosure that he resigned from the board about five months ago also provides clarification on his current involvement in GoldBod's governance.


Labels:

Comments

Post a Comment

Popular posts from this blog

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

 NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...
Post a Comment
Read more

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican...
16 comments
Read more

Tender Committee recommends E&P for Damang Mine lease transfer

  A Tender Committee has recommended the grant of the mining lease for the Damang Gold Mine to Engineers and Planners Limited, following a competitive evaluation process conducted by the Minerals Commission. The recommendation comes after a tender process initiated under Regulation 258 of the Minerals and Mining (Licensing Regulations), 2012 (LI 2176), aimed at selecting a strategic investor to take over the mining lease and operations of the Damang mine. According to the report, four companies responded to the public tender announced in the media. Out of these, two firms were shortlisted by the Mineral Titles Department of the Minerals Commission and subsequently submitted to the Tender Committee for detailed assessment. After what was described as a comprehensive evaluation, Engineers and Planners Limited emerged as the highest evaluated bidder, leading to the Committee’s recommendation for the award of the lease. Gold Fields Ghana Limited, which has operated in the country since...
Post a Comment
Read more