Gideon Boako questions claim that GoldBod’s $1.1bn support to BoG is addition to reserves

1 billion from Ghana Gold Board’s (GoldBod) recent foreign exchange generation represents an addition to the Bank of Ghana’s (BoG) reserves, arguing that the amount could largely constitute repayment of an existing obligation to the central bank.7 billion in 2025 in respect of gold supplies it had failed to deliver after receiving cedi funding from the central bank to purchase gold on its behalf.

He argued that under the current gold purchasing arrangement, where the Bank of Ghana has exited the gold purchasing funding scheme, gold bought with funds from commercial banks would have to be returned to those banks through foreign exchange sales, while gold purchased with funds from off-takers would similarly be returned to the respective off-takers.