Bank of Ghana Governor Dr. Johnson Pandit Asiama has appointed the central bank's Second Deputy Governor, Matilda Asante-Asiedu, to represent the central bank on the Board of the Ghana Gold Board (GoldBod). This appointment was made in a letter dated May 11, 2026, authorizing Mrs. Asante-Asiedu to attend and fully participate in meetings of the GoldBod board on his behalf, effective from the same day.
The appointment comes amid renewed scrutiny over the Governor's membership of the GoldBod Board and concerns about the relationship between the central bank and the state-owned gold trading institution. Former Finance Minister and Karaga MP Dr. Mohammed Amin Adam had questioned whether the Governor's role on the board created a potential conflict of interest, particularly given the Bank of Ghana's previous involvement in financing GoldBod's gold purchases.
The concerns followed the Bank of Ghana's decision to end its pre-financing of GoldBod's gold purchases from July 1, 2026. The central bank has since said GoldBod is taking on a greater role in the gold purchase and foreign exchange intermediation arrangements. This move aims to redefine the relationship between the central bank and GoldBod.
Dr. Asiama has stated that he resigned from the GoldBod Board about five months ago and no longer attends its meetings. He explained that the Ghana Gold Board Act, 2025 (Act 1140), requires Bank of Ghana representation on the board but does not require the Governor personally to serve in that capacity.
The appointment of Mrs. Asante-Asiedu provides the central bank's representation on the GoldBod board while Dr. Asiama remains outside the board's meetings personally. The Governor's letter also asked the board to extend the necessary courtesies to the Second Deputy Governor to enable her to carry out the assignment effectively.
The Ghana Gold Board Act, 2025, mandates the Bank of Ghana to have a representative on the GoldBod board. This ensures that the central bank's interests are represented in the gold trading institution. The Act aims to regulate the gold industry and ensure transparency in gold trading.
The appointment of Mrs. Asante-Asiedu as the central bank's representative on the GoldBod board is expected to help strengthen the relationship between the two institutions. It will also help address concerns about the potential conflict of interest in the Governor's previous role on the board.
Key points
- The Bank of Ghana Governor has appointed Second Deputy Governor Matilda Asante-Asiedu to represent the central bank on the GoldBod board.
- The appointment aims to address concerns about the relationship between the central bank and the state-owned gold trading institution.
- The Ghana Gold Board Act, 2025, mandates the Bank of Ghana to have a representative on the GoldBod board to ensure transparency in gold trading.
