A Deputy Chief Executive Officer of the National Health Insurance Authority, Anatu Anne Seidu Bogobiri Esq., has dismissed claims that the Ghana Gold Board (GoldBod) is operating as a forex bureau and making losses, describing the allegations as false and misleading.
In a statement issued on September 4, 2026, Ms. Bogobiri said there is a calculated attempt to mislead Ghanaians about the operations of GoldBod.
She said the law establishing the Board is clear. According to her, GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), assented to in April 2025, with statutory objects that include generating foreign exchange for Ghana and supporting gold reserve accumulation by the Bank of Ghana.
Citing a Ghana News Agency report of September 2, 2026, she noted that GoldBod generated US$1.315 billion in foreign exchange in August 2026 alone.
Ms. Bogobiri explained that when GoldBod generates dollars from gold exports, the dollars must work for Ghana and not sit idle, adding that under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) approved by Cabinet and Parliament, GoldBod is required to sell its foreign exchange to the Bank of Ghana and commercial banks for cedis to go back and buy more gold.
She said the GNA confirmed that of the US$1.315 billion generated in August, US$668.21 million was sold directly to commercial banks and US$646.59 million was made available to the Bank of Ghana.
“This is exactly what every exporter does. When AngloGold, Newmont and other large-scale miners repatriate export dollars into Ghana, they sell to their banks for cedis. Nobody calls them forex bureaus,” she stated.
According to her, forex trading means buying and selling forex, but GoldBod does not buy forex, it only sells the forex it generates from its own gold exports.
“That is export proceeds surrender, not forex bureau operation,” she stressed, adding that the allegation that GoldBod needs a forex bureau license has been overtaken by GANRAP.
On claims of losses, Ms. Bogobiri said what is being mischievously called losses are operational expenditures that generated income.
She said published figures show GoldBod in Q2 2025 recorded GH¢381 million revenue with GH¢24.7 million expenditure, resulting in net trading income.
She further cited a technical assessment by University of Ghana economists led by Prof. Festus Turkson on January 4, 2026, which found that GoldBod formalised 39.4 tonnes of previously smuggled gold worth US$3.8 billion in extra foreign exchange, with a benefit-cost ratio of 18 to 1 against the reported US$214 million Bank of Ghana trading provision.
“That is a national gain, not a loss,” she said.
Ms. Bogobiri added that GoldBod is the reason the cedi is stabilising and reserves are growing.
“If some in the NPP think repeating these falsehoods until they become a campaign slogan for 2028 will work, they should think again. This propaganda is dead on arrival,” she concluded.
