The Ghana Gold Board (GoldBod) has dismissed suggestions that the departure of Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama from its Board of Directors signals a rift between the two institutions.
In a Facebook post on Monday, September 28, GoldBod said a “wrong impression” was being created following the Governor’s disclosure that he had stopped serving on its board about five months ago.
Dr Asiama disclosed at the Bank of Ghana’s latest Monetary Policy Committee engagement that he no longer attends GoldBod board meetings.
His comments came amid questions over his membership of the board and concerns raised by the New Patriotic Party (NPP) about a potential conflict of interest, particularly given the central bank’s previous role in financing GoldBod’s gold purchases.
GoldBod, however, said the Governor’s decision was consistent with the Ghana Gold Board Act, 2025 (Act 1140), which allows him to nominate another senior Bank of Ghana official to serve on the board in his place.
According to GoldBod, Dr Asiama initially opted to serve on the board personally after the institution was established but later decided to nominate a representative because of his workload.
On May 11, 2026, he nominated the BoG’s Second Deputy Governor, Matilda Asante-Asiedu, to represent him on the board.
Section 4(e) of Act 1140 provides for the board to include the Governor of the Bank of Ghana or a representative nominated by the Governor who is not below the rank of Director. GoldBod’s published board structure also reflects this provision.
GoldBod said the arrangement is not unique to the BoG Governor, pointing to similar changes involving other officials represented on its board.
According to the institution, Finance Minister Dr Cassiel Ato Forson nominated Deputy Finance Minister Thomas Nyarko Ampem to represent him from the outset because of his schedule.
It added that Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah initially served personally but later nominated the ministry’s Chief Director, Marcus Haligah, to represent him.
GoldBod therefore rejected suggestions that Dr Asiama’s decision to leave the board personally was evidence of problems within the institution or a breakdown in relations with the central bank.
It maintained that the Governor simply exercised the option available to him under Act 1140 by nominating his Second Deputy Governor to take his place.
The clarification comes amid increased scrutiny of the relationship between GoldBod and the BoG, particularly over changes to the financing arrangements for domestic gold purchases.
GoldBod has since moved to a new financing model for its gold operations, while continuing to work with the Bank of Ghana on foreign exchange generation and reserve accumulation. Under its September arrangement, GoldBod said part of the foreign exchange generated from its operations would be supplied to the BoG for reserve accumulation.
Despite the changes in financing and board representation, GoldBod maintained that the two institutions continue to work closely.
It therefore urged the public not to interpret Dr Asiama’s personal departure from the board as evidence of an institutional dispute, stressing that the Bank of Ghana remains represented through Mrs Asante-Asiedu.
