Gold-for-reserves is BoG’s baby, not GoldBod’s – Sammy Gyamfi fires back
3rd January 2026
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has firmly pushed back against attempts to associate GoldBod with alleged losses under the Gold-for-Reserves (G4R) initiative, clarifying that the programme is solely a Bank of Ghana (BoG) policy and not a GoldBod operation.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi stressed that the Gold-for-Reserves programme was conceived and rolled out by the Bank of Ghana in 2022 and has, since its inception, been fully funded, managed, and reflected in the books of the central bank.
“The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022,” he explained.
“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power.”
According to Mr. Gyamfi, the initiative never formed part of the accounts of the Precious Minerals Marketing Company (PMMC), let alone GoldBod, because it was designed strictly as a BoG-funded monetary intervention.
“So where from this claim that it is the GoldBod that has made losses? An eight-month-old company now responsible for the losses of BoG?” he asked pointedly.
He described the G4R programme as a non-profit policy tool crafted to help the central bank achieve its core mandate of price and currency stability, rather than a commercial venture aimed at generating profit.
Mr. Gyamfi insisted that any financial shortfalls recorded under the programme should not be framed as evidence of mismanagement or incompetence, either by GoldBod or by the Bank of Ghana.
“That programme, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG,” he said.
“Dr Asiamah and the wonderful team at the Bank of Ghana are heroes. They did not cause any loss through mismanagement.”
He explained that the programme was deliberately structured to absorb certain strategic costs in exchange for broader macroeconomic gains, particularly currency stabilisation.
“So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No,” he stressed.
“That is the policy design, and it is unfortunate that those under whom the policy was introduced now appear ignorant of its objectives and structure.”
Mr. Gyamfi concluded that efforts to pin Gold-for-Reserves losses on GoldBod are misleading and fail to appreciate the legal, financial, and operational framework underpinning the initiative.