The Ghana Gold Board (GoldBod) has dismissed reports suggesting a feud between the institution and the Bank of Ghana (BoG), or allegations of wrongdoing within its operations.
Clarifying recent media speculation following remarks by the Governor of the central bank, Dr Johnson Asiamah, at the last Monetary Policy Committee (MPC) meeting, GoldBod explained that Dr Asiamah’s decision to step down from its governing board was purely administrative and fully aligned with statutory provisions.
In a statement issued by Media Relations Officer Prince Kwame Minkah, the institution stated that the Governor relinquished his direct seat on the board due to his demanding schedule, subsequently nominating Second Deputy Governor Mrs Matilda Asante-Asiedu as his official representative.
“A wrong impression is being created by some people that because the Governor of the Bank of Ghana stated at the last MPC meeting that he ‘resigned’ from the governing Board of the GoldBod five months ago, it means that there is a fight between the BoG and the GoldBod or that there is some rot at the GoldBod,” Minkah stated. “That suggestion is completely false and reflects a lack of understanding of the GoldBod Act and the facts of the matter.”
According to the GoldBod Act, 2025 (Act 1140), Section 4(e) allows the Governor of the central bank to either sit on the board directly or delegate the role to a representative not below the rank of a director.
The statement noted that similar delegation practices have been standard among ex-officio board members since the establishment of the board in 2025.
The Minister of Finance, right from the outset, nominated Deputy Minister Hon. Thomas Nyarko Ampem to represent him. Similarly, the Minister of Lands and Natural Resources, Hon. Emmanuel Armah Kofi Buah, initially sat on the board before nominating the ministry’s Chief Director, Mr Marcus Haligah, in January 2026 due to time constraints.
Following suit, Dr Asiamah formally communicated his nomination of Mrs Asante-Asiedu to the board on May 11, 2026, to ensure continuous representation without disrupting central bank operations.
Reassuring the public of the institutional harmony between the two bodies, the GoldBod emphasized that its operational relationship with the central bank remains solid and critical to the national economy.
“The GoldBod is currently the main anchor of foreign exchange generation for Ghana, thus, works very closely with the Bank of Ghana on a day-to-day basis. Ignore any suggestion to the contrary,” the statement concluded.
Below is the full statement from GoldBod
A wrong impression is being created by some people that because the Governor of the Bank of Ghana (BoG) stated at the last MPC meeting, that he “resigned” from the governing Board of the GoldBod five (5) months ago, it means that there is a fight between the BoG and the GoldBod or that there is some rot at the GoldBod.
That suggestion is completely false and reflects a lack of understanding of the GoldBod ACT and the facts of the matter.
The fact is that, the Governor of the Bank of Ghana due to his busy schedule, simply nominated a representative, being his second deputy, Mrs. Matilda Asante-Asiedu to represent him on the Board of the GoldBod in accordance with Section 4(e) of the GoldBod Act, 2025 (ACT 1140).
Section 4 of the GoldBod Act, 2025 (ACT 1140), among other things, provides that, “the Governing Body of the Gold Board is a Board of Directors consisting of;
c) the Minister responsible for Mines or a representative of the Minister responsible for Mines not below the rank of a Director nominated by the Minister of Mines
(d) the Minister responsible for Finance or a representative of the Minister responsible for Finance not below the rank of a Director nominated by the Minister of Finance
(e) 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”
Upon the establishment of the GoldBod in 2025;
the Minister of Finance right from the outset and due to his busy schedule, opted to nominate his representative to the Board of the GoldBod, being the Deputy Minister of Finance, Hon. Thomas Nyarko Ampem.
The Minister responsible for Mines, being the Minister of Lands and Natural Resources, Hon. Emmanuel Armah Kofi Buah, decided to sit on the Board of the GoldBod himself. However in January 2026, the Minister, nominated his representative, being the Chief Director of the Ministry, Mr. Marcus Haligah to represent him on the Board of the GoldBod. This was due to the busy schedule of the Minister and his inability to attend Board meetings.
Likewise, the Governor of the Bank of Ghana, Dr. Johnson Asiamah decided to sit on the Board of the GoldBod himself at the outset. However, due to his busy schedule, on May 11, 2026, the Governor wrote to the Board (copy of letter attached), nominating the second deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu to represent him on the Board of the GoldBod.
So you see, the fact that Dr. Asiamah no longer sits on the Board of the GoldBod, does not mean that there is any ongoing rot at the GoldBod. Neither is there any fight between the BoG and the GoldBod. The Governor simply opted to nominate his second deputy to represent him on the governing Board of the GoldBod.
The GoldBod is currently the main anchor of foreign exchange generation for Ghana, thus, works very closely with the Bank of Ghana on a day to day basis. Ignore any suggestion to the contrary.
Prince Kwame Minkah
Media Relations Officer, GoldBod
