Companies licensed to buy gold for Ghana’s GoldBod face funding delays of up to three weeks, Reuters reported.
Some have stopped buying gold. Others are borrowing to keep trading.
The squeeze follows the Bank of Ghana’s withdrawal from financing GoldBod purchases.
Ghana, Africa’s largest gold producer, created GoldBod in 2025. It gave the agency exclusive rights to buy, sell and export artisanal gold. The system aims to curb smuggling and boost foreign currency inflows.
The central bank initially funded GoldBod’s purchases. The IMF pushed for that financing to end after the programme generated losses. GoldBod now relies more on commercial banks and gold importers.
Chief executive Sammy Gyamfi said GoldBod raised nearly $839m in advances between March and May. It raised another $75m through a foreign exchange auction to commercial banks on 3 August.
Three banking executives said the central bank had concerns about the auction programme. Fewer than five banks participated. Lenders had been more comfortable when the central bank backed the arrangement, they said.
Kwaku Ohemeng Amoah, head of the Chamber of Gold Buyers, blamed the delays on tighter funding. He said buyers could seek additional financing themselves.
The disruption could test GoldBod’s ability to keep buying from artisanal miners without central bank support.
