By 
Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama has disclosed that he resigned from the Board of Directors of the Ghana Gold Board (GoldBod) about five months ago and has not attended its meetings since.
Dr Asiama said his departure from the board does not affect the central bank’s statutory representation on GoldBod, as the Ghana Gold Board Act, 2025 (Act 1140) allows the Governor or another Bank of Ghana official not below the rank of director to represent the institution.
Speaking to journalists, Dr Asiama said he had stepped down from the GoldBod board several months earlier and had since ceased participating in its meetings.
“I resigned from the GoldBod Board about five months ago or so. I do not attend board meetings at GoldBod at all,” he said.
Under Act 1140, the governing board of GoldBod includes the Governor of the Bank of Ghana or a representative of the Governor who is not below the rank of director and is nominated by the Governor.
Dr Asiama therefore said the statutory requirement for BoG representation does not mean that he must personally serve on the GoldBod board.
“The law that governs the activities of GoldBod has a provision for the Bank of Ghana to be represented either by the Governor or any other official up to the rank of a director. It does not necessarily need the Governor to be there,” he stated.
Bank of Ghana maintains representation
The central bank’s representation on GoldBod has continued despite Dr Asiama’s resignation.
GoldBod disclosed on September 28 that Dr Asiama had appointed Second Deputy Governor Mrs Matilda Asante-Asiedu as his representative on the board. A letter dated May 11, 2026, authorised her to attend and fully participate in GoldBod board meetings on his behalf, with the appointment taking effect from that date.
The arrangement is consistent with Act 1140, which expressly provides for the Governor to be represented by a qualified Bank of Ghana official.
GoldBod’s board has responsibility for the institution’s strategic direction and oversight of its functions. The institution was established under Act 1140 and has statutory responsibilities covering the purchase, sale, weighing, grading, assaying, valuation and export of gold and other precious minerals.
Resignation follows conflict-of-interest concerns
Dr Asiama’s disclosure follows calls from the New Patriotic Party (NPP) for him to leave the GoldBod board over concerns about a potential conflict of interest arising from his position as Governor of the Bank of Ghana.
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, 2026.
The party questioned the relationship between the central bank and GoldBod, including the Bank of Ghana’s financing of GoldBod’s gold-purchasing activities and reported losses associated with the domestic gold purchase programme.
The concerns relate to the roles of the two institutions in Ghana’s domestic gold and reserve accumulation framework. Under the current statutory structure, GoldBod has responsibility for the operational acquisition of domestic artisanal and small-scale gold, while the Bank of Ghana’s role includes reserve management.
GoldBod and BoG roles remain institutionally linked
The Bank of Ghana’s relationship with GoldBod has been shaped by the country’s domestic gold purchase and reserve accumulation arrangements.
BoG has previously explained that the establishment of GoldBod under Act 1140 changed the institutional structure through which the central bank acquired domestic gold, with GoldBod becoming the statutory buyer of domestic artisanal and small-scale gold. The framework was subsequently incorporated into the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), under which the central bank’s role is reserve management while GoldBod handles the operational acquisition function.
GoldBod has also since moved away from its earlier role as a buying agent funded by the Bank of Ghana. In August 2026, the institution said it had stopped receiving funds from the central bank for gold purchases and had shifted towards financing its gold aggregation activities through commercial banks and offtakers.
Dr Asiama’s resignation therefore removes him personally from GoldBod’s board while leaving the statutory channel for Bank of Ghana representation intact.
The appointment of a senior BoG official to represent the Governor means the institutional link between the central bank and GoldBod remains in place under the framework established by Act 1140.
Comments