We’ve moved gold purchases to Interbank rate – GoldBod CEO

Speaking on Newsfile on JoyNews on Saturday, August 22, Mr Gyamfi said GoldBod did not introduce the use of the forex bureau rate for gold purchases and argued that the institution has instead made a significant change to the pricing mechanism within a relatively short period.

Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the state gold trading institution has changed the exchange-rate mechanism used to price gold purchases, moving away from the forex bureau rate to the interbank rate.

Mr Gyamfi said the change represents a major departure from the exchange-rate mechanism that had traditionally been used in Ghana's gold purchasing system.