The Bank of Ghana has confirmed that Dr Johnson Asiama, the Governor, has ceased to be a member of the Ghana Gold Board. According to the central bank, Dr Asiama exited the board on May 11, 2026, and has been replaced by Mrs Matilda Asante-Asiedu, the Second Deputy Governor, as the Bank of Ghana's representative on the board. This move follows concerns raised over Dr Asiama's membership of the GoldBod Board, particularly with regards to the relationship between the central bank and the gold-buying institution.
The clarification from the BoG comes after Dr Asiama's remarks at the Monetary Policy Committee briefing on September 24, 2026, where he mentioned that he had resigned from the GoldBod about five months earlier and no longer attended its meetings. However, the BoG stated that Section 4 of the Ghana Gold Board Act, 2025, provided for the Bank to be represented on the GoldBod Board by the Governor or an official not below the rank of Director. As a result, Mrs Asante-Asiedu was nominated as its representative and has since assumed the role.
The issue surrounding Dr Asiama's membership of the GoldBod Board was sparked by concerns raised by the New Patriotic Party. At an NPP press briefing on September 1, 2026, former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, called for Dr Asiama's removal from the board. Dr Amin Adam questioned the appropriateness of the BoG Governor serving on the GoldBod Board while the central bank was involved in financing GoldBod's gold purchases.
GoldBod's Media Relations Officer, Prince Kwame Minkah, stated that Dr Asiama's departure from the board did not indicate a disagreement between GoldBod and the Bank of Ghana. According to Mr Minkah, Dr Asiama had nominated Mrs Asante-Asiedu to represent him due to his busy schedule, as allowed by Section 4(e) of Act 1140. The nomination was communicated to the GoldBod Board on May 11, 2026.
While Dr Asiama described his departure as a resignation, GoldBod described it as a delegation of his seat to another representative. The BoG, in its September 28 release, confirmed that Dr Asiama ceased to be a member of the board from May 11. The issue is linked to the Domestic Gold Purchase Programme, under which the Bank of Ghana bought gold from local producers to build the country's reserves.
The International Monetary Fund reported in August that the programme recorded losses of GH¢22 billion in 2025, equivalent to about 1.5 per cent of Ghana's Gross Domestic Product. The IMF also called for an end to the BoG's quasi-fiscal activities and the transfer of the DGPP fully to GoldBod. In July 2026, the government, the Bank of Ghana, and GoldBod signed an agreement to transfer the operations of the DGPP from the central bank to GoldBod.
GoldBod Chief Executive, Mr Sammy Gyamfi, has rejected claims that the reported loss should be attributed to GoldBod, arguing that the IMF report referred to losses incurred by the Bank of Ghana under the DGPP. The BoG also ended its pre-financing of GoldBod's gold purchases from July 1, 2026. With Mrs Asante-Asiedu now representing the Bank of Ghana on the GoldBod Board, the central bank's involvement in the gold-buying institution is expected to continue.
Key points
- The Bank of Ghana Governor, Dr Johnson Asiama, has been replaced on the Ghana Gold Board by Second Deputy Governor Matilda Asante-Asiedu.
- The replacement is linked to the Domestic Gold Purchase Programme, which recorded losses of GH¢22 billion in 2025.
- The International Monetary Fund has called for an end to the BoG's quasi-fiscal activities and the transfer of the DGPP fully to GoldBod.
