Gold reserves intact, proceeds reinvested for returns – Sammy Gyamfi
26th March 2026
The Chief Executive Officer of GoldBod, Sammy Gyamfi, has refuted claims by the Minority that the Bank of Ghana is selling off the country’s gold reserves.
Speaking on Asempa FM’s Ekosii Sen, Mr. Gyamfi described the allegations as “politics and propaganda,” stressing that none of the gold has been sold for consumption.
He explained that part of the reserves was converted into U.S. dollars and invested to earn returns, describing it as a standard risk management strategy.
According to Mr. Gyamfi, Ghana’s reserves have grown from around $9 billion at the end of the previous administration to over $13 billion by the end of 2025, comprising both gold and foreign currency.
He noted that holding excessive reserves in gold exposes the country to price volatility. Converting some gold into dollar-denominated investments, which earn interest of 4–5 percent, helps reduce financial risk.
The CEO also clarified that the gold transactions were conducted through reputable institutions, including Citibank in the United States and the Bank for International Settlements in Switzerland.
Mr. Gyamfi assured the public that the country does not plan to repurchase the same gold sold but will continue to replenish reserves through its ongoing gold purchase programme.
“When the NPP left office, reserves were about $9 billion. By the end of 2025, under the NDC, reserves are expected to exceed $13 billion, consisting of both gold and dollars. It is standard practice for middle-income countries to keep roughly 20% of reserves in gold. Since gold prices can be volatile, the Bank of Ghana opted to sell part of the gold and convert it into dollars. This allows for investments yielding 4–5% interest. The Minority’s claims that the Bank is selling Ghana’s gold reserves are purely political propaganda. We are not spending the proceeds; we are investing them wisely. The gold sales were executed through Citibank and the Bank for International Settlements to minimise financial risk,” he said.