In a recent development, Bank of Ghana Governor Dr Johnson Pandit Asiama has appointed the central bank’s Second Deputy Governor, Matilda Asante-Asiedu, to represent the bank on the Board of the Ghana Gold Board (GoldBod). This appointment was made through a letter dated May 11, 2026, and is effective from the same day. Asante-Asiedu is now authorised to attend and fully participate in meetings of the GoldBod board on behalf of the Governor.
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 raised concerns about a potential conflict of interest given the Bank of Ghana’s previous involvement in financing GoldBod’s gold purchases. This issue has sparked debate about the central bank's role in the gold trading sector.
Dr Asiama had previously 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. This allows for the central bank’s continued representation on the board while ensuring the Governor's personal absence from meetings.
The appointment of Mrs Asante-Asiedu provides the central bank’s representation on the GoldBod board, allowing her to represent the bank’s interests and exercise the rights and responsibilities attached to the position as a board member. The Governor’s letter also requested the board to extend the necessary courtesies to the Second Deputy Governor to enable her to carry out the assignment effectively. This move aims to maintain the central bank's involvement in the gold trading sector.
The concerns about the Governor’s role on the GoldBod Board follow 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 stated that GoldBod is taking on a greater role in the gold purchase and foreign exchange intermediation arrangements. This shift in responsibilities has led to a re-evaluation of the central bank's role in the sector.
The Bank of Ghana's decision to end pre-financing of GoldBod's gold purchases marks a significant change in their relationship. GoldBod will now take on more responsibility for gold purchases and foreign exchange intermediation. The central bank's new role will likely have implications for the gold trading sector in Ghana.
With Matilda Asante-Asiedu's appointment, the Bank of Ghana has ensured its continued representation on the GoldBod board. The Second Deputy Governor will play a crucial role in representing the bank's interests and exercising its rights and responsibilities as a board member. This development will likely have a significant impact on the gold trading sector in Ghana.
Key points
- Matilda Asante-Asiedu appointed to represent Bank of Ghana on GoldBod board
- Appointment follows concerns over Governor's membership of GoldBod Board
- Bank of Ghana ends pre-financing of GoldBod's gold purchases from July 1, 2026
