By: Reuters

Companies licensed to buy gold for Ghana's artisanal gold marketing agency GoldBod have not been paid for up to three weeks, forcing some operators to halt purchases or borrow to stay in business despite surging bullion prices, five industry sources told Reuters.

Ghana, Africa's biggest gold producer, established GoldBod in 2025 with exclusive rights to buy, sell and export artisanal gold as part of efforts to curb smuggling and boost inflows of foreign currency.

GoldBod purchases were funded initially by the Bank of Ghana and helped to boost Ghana's economic recovery, but the IMF called for an end to central bank financing after losses linked to purchases, leaving the state agency reliant on commercial banks and gold importers for liquidity.

The agency's chief executive, Sammy Gyamfi, told a press conference last week that GoldBod raised nearly $839 million in advances for purchases between March and May. A foreign exchange auction to commercial banks on August 3 raised about $75 million before being paused for consultations with the central bank.

Three banking executives said the Bank of Ghana viewed GoldBod's auction programme as inconsistent with its operating framework and that both institutions were working to address the concerns.

Kwaku Ohemeng Amoah, Chief Executive of the Chamber of Gold Buyers, said the delays reflected limits on GoldBod's funding after the central bank's exit, adding that buyers could seek supplementary funding themselves.

GoldBod and the Bank of Ghana did not respond immediately to requests for comment.

"The last two weeks were terrible. You could spend a whole day waiting and not receive any funds," a gold trader in Ghana's Ashanti Region said last week. Another GoldBod-funded buyer in Ghana’s Western Region said funds had not been received for about three weeks.

The sources asked for anonymity because they were not authorised to speak publicly on the matter.

The banking executives said that fewer than five banks participated in GoldBod's auction programme, adding that lenders were more comfortable when the central bank backstopped the arrangement.

(Reporting by Maxwell Akalaare Adombila in Dakar and Emmanuel Bruce in AccraEditing by Pratima Desai and David Goodman)