GoldBod dismisses claims of rift with BoG over Asiama’s board exit

The Ghana Gold Board (GoldBod) has rejected suggestions that Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama’s departure from its Board of Directors signals a disagreement between the two institutions or problems within the gold-trading organisation.

In a statement issued on Monday, September 28, GoldBod said a “wrong impression” was being created following Dr Asiama’s disclosure that he had resigned from the board about five months earlier.

The Governor made the disclosure during the Bank of Ghana’s Monetary Policy Committee (MPC) meeting on September 24, explaining that he no longer attended meetings of the GoldBod Board. His comments came amid questions about his membership of the board and concerns raised by the opposition New Patriotic Party (NPP) over a possible conflict of interest arising from his roles at the two institutions.

GoldBod, however, said Dr Asiama’s exit should be understood within the provisions of the Ghana Gold Board Act, 2025 (Act 1140), which permits the Bank of Ghana Governor to nominate a representative to the GoldBod Board.

According to GoldBod, Dr Asiama initially opted to serve personally on the board following the establishment of the institution.

However, due to his workload, he wrote to the GoldBod Board on May 11, 2026, nominating the Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, to represent him.

The Bank of Ghana has separately confirmed that Dr Asiama ceased to serve as a GoldBod board member effective May 11, 2026, and that Mrs Asante-Asiedu has since represented the central bank on the board.

Section 4(e) of the Ghana Gold Board Act provides for the board to 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.”

The provision therefore does not require the Governor to personally serve on the board. GoldBod’s official board structure similarly lists the Governor of the Bank of Ghana or a representative of the Governor not below the rank of Director as a member.

Dr Asiama made the same point during the September 24 MPC engagement, saying the law allows the Bank of Ghana to be represented by the Governor or another official of the appropriate rank.

GoldBod said the arrangement is not unusual, pointing to similar changes in representation involving other members of its board.

It cited Finance Minister Dr Cassiel Ato Forson, who nominated Deputy Finance Minister Thomas Nyarko Ampem to represent him on the board from the outset because of his schedule.

GoldBod also said the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, initially served personally on the board before nominating the ministry’s Chief Director, Marcus Haligah, in January 2026.

According to GoldBod, these examples demonstrate that Act 1140 allows designated office-holders to nominate qualified representatives when they are unable to participate personally in board activities.

Against this background, GoldBod dismissed suggestions that Dr Asiama’s departure from the board was evidence of an internal crisis.

The institution said the Governor’s decision not to continue attending board meetings “does not mean that there is any ongoing rot at the GoldBod”, and rejected suggestions of a dispute between the Bank of Ghana and GoldBod.

GoldBod maintained that Dr Asiama simply exercised an option provided under Act 1140 by nominating Mrs Asante-Asiedu to represent him.

The clarification comes amid heightened scrutiny of the relationship between GoldBod and the central bank, particularly over the financing of domestic gold purchases.

The Bank of Ghana has confirmed that Dr Asiama is no longer personally involved in GoldBod’s board activities, while Mrs Asante-Asiedu now represents the central bank on the board.

GoldBod was established under Act 1140 to oversee and undertake activities involving the buying, selling, assaying, refining and export of gold, while generating foreign exchange and supporting the accumulation of gold reserves by the Bank of Ghana.

The GoldBod Act also provides for value addition and the setting of standards for the quality, purity and weight of gold traded, stored or exported from Ghana.

GoldBod therefore urged the public not to interpret Dr Asiama’s change in board representation as evidence of an institutional dispute, stressing that the Bank of Ghana remains represented on its governing board through Mrs Asante-Asiedu.