UBA Deepens Gold Sector Ties to Boost Ghana's Economy

United Bank for Africa (UBA) has affirmed its commitment to Ghana's economic transformation. The bank seeks to support the country's gold ecosystem through strategic partnerships and innovative financial solutions. This initiative aims to formalize Ghana's gold trading sector and boost its contribution to the national economy.

UBA Plc's Executive Director for Digital Banking, Emmanuel Lamptey, led a high-level delegation. Group Executive for Treasury and Financial Institutions, Samuel Ocheho, accompanied him. They met with Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board. Discussions focused on leveraging UBA’s financial services, including digital banking and trade facilitation. These services will support gold aggregators and other participants in the gold value chain.

Ghana’s gold sector is vital to its export earnings and foreign exchange inflows. The government's efforts to formalize gold trading aim to improve transparency. It also seeks to strengthen value retention within the country. This partnership underpins efforts to enhance macroeconomic stability in Ghana. Gold remains one of Ghana’s most strategic national assets, contributing significantly to gross domestic product (GDP).

Emmanuel Lamptey emphasized the importance of collaborations between financial institutions and key economic sectors. He stated that strong partnerships are fundamental to unlocking sustainable economic growth. Lamptey added, "Ghana's gold sector presents significant opportunities for value creation, trade expansion, and financial inclusion." UBA plans to deploy its digital banking platforms and pan-African network to support stakeholders.

Samuel Ocheho highlighted the need for structured financial support and treasury solutions. This will strengthen Ghana's evolving gold ecosystem. He stated, "The transformation of Ghana’s gold sector requires strong institutional collaboration, efficient treasury management, transparent trade systems, and access to financing solutions." This will support aggregators, exporters, and other businesses. UBA is committed to deploying its expertise to this national agenda.

Sammy Gyamfi welcomed the engagement with UBA. He underscored the importance of private sector collaboration in advancing reforms. The Ghana Gold Board's reforms aim to create a more transparent and value-driven sector. Gyamfi noted, "Partnerships with strong financial institutions such as UBA are critical in supporting players." These partnerships build a globally competitive gold ecosystem.

This engagement is part of broader efforts to deepen collaboration between financial institutions and key economic sectors. The goal is to drive investment, trade, and digital transformation. Transparent and traceable gold trading is expected to increase revenue for the state. It will also widen access to finance for legitimate operators. For UBA, this positions the bank to play a larger role in a strategic sector. This involves combining banking, treasury, trade, and digital payment solutions. The formalization of the gold sector aligns with Ghana's long-term economic development goals.