Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced that the central bank is no longer funding the Ghana Gold Board (GOLDBOD).
Dr Asiama said that this decision would reduce the financial pressure on us going forward.
Answering questions during he 13st Monetary Policy Committee (MPC) press conference in Accra on Wednesday, July 21, he said, "Bank of Ghana is no longer funding the GOLDBOD alone to a regime where we are no longer running the transaction the way it used to be. It would reduce the financial pressure on us going forward.
He added, "We are still in discussions with them. From where we are now, Gold Board has a number of choices. Either the government takes up its funding entirely, or resorts to the market, the use of the market to fund it, and then when the markets fund it, what happens to the effects that are associated?
"We still have a role, but that context is still being discussed with the whole board, and I'm sure the market will be informed very soon. We were asking if that will complement what we are doing now."
On the policy rate, the committee, by a unanimous decision, maintained the rate at 14.0 per cent.
The decision to keep the rate at 14% was to allow the committee to further observe developments in both the domestic and global economies.
Economic activities in Ghana remained stable in the first quarter of 2026, Dr Asiama said.
He also stated that headline inflation increased to 4.3 per cent in June 2026. This was driven by both food and non-food inflation.
For the banking sector, Dr Asiama stated that the sector recorded robust performance in June 2026.
"Private sector credit is going up rapidly," he said.
Credits: 3News.com
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