The Ghana Gold Board (GoldBod) has denied claims of a rift with the Bank of Ghana (BoG) following Dr Johnson Pandit Asiama's exit from its Board of Directors. According to GoldBod, a "wrong impression" was created after Dr Asiama disclosed his resignation from the GoldBod board at the BoG's Monetary Policy Committee meeting on September 24. Dr Asiama stated that he no longer attended GoldBod board meetings, having resigned about five months earlier.
Dr Asiama's departure was questioned by the New Patriotic Party, which raised concerns about a possible conflict of interest arising from his roles at the BoG and GoldBod. However, GoldBod explained that Dr Asiama's exit should be understood within the provisions of the Ghana Gold Board Act, 2025 (Act 1140). The Act allows the BoG Governor to nominate a representative to the board, and Dr Asiama had nominated the BoG's Second Deputy Governor, Mrs Matilda Asante-Asiedu, to represent him.
Section 4(e) of Act 1140 provides for the GoldBod 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." GoldBod stated that Dr Asiama initially chose to serve personally on the board but later wrote to the GoldBod Board on May 11, 2026, nominating Mrs Asante-Asiedu to represent him due to his workload.
The BoG Governor explained at the MPC engagement that the law does not require him personally to sit on the board and that the central bank can be represented by another official of the appropriate rank. GoldBod's current board structure reflects this provision, listing the Governor of the Bank of Ghana or his representative not below the rank of Director among the members. This arrangement is not unusual, according to GoldBod, as other members of the board have also made similar changes in representation.
The Minister for Finance, Dr Cassiel Ato Forson, nominated Deputy Finance Minister Thomas Nyarko Ampem to represent him on the board from the outset, while the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, initially served on the board personally but subsequently nominated the ministry's Chief Director, Marcus Haligah, in January 2026. GoldBod said these changes demonstrate that the Act allows designated office-holders to use qualified representatives where 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 stated that the fact that the Governor no longer personally sits on the board "does not mean that there is any ongoing rot at the GoldBod" and that there is also no fight between the BoG and GoldBod. Instead, Dr Asiama simply exercised the option provided under Act 1140 by nominating his Second Deputy Governor to represent him.
The clarification comes at a time of heightened public scrutiny of the relationship between GoldBod and the central bank, particularly over the financing of domestic gold purchases. The BoG has confirmed that it ended its previous financing arrangement with GoldBod effective July 1, 2026, with the government subsequently assuming responsibility for funding the activities. Despite the change in financing arrangements and Dr Asiama's personal departure from its board, GoldBod said the two institutions continue to work closely.
Key points
- GoldBod denies a rift with the Bank of Ghana over Dr Asiama's board exit.
- Dr Asiama's departure is in line with the Ghana Gold Board Act, 2025 (Act 1140).
- The BoG remains represented on the GoldBod board through Mrs Matilda Asante-Asiedu.
