The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has attributed the sharp decline in small-scale gold production and foreign exchange inflows in 2021 to a fiscal policy decision taken by the previous administration.

Speaking on Joy FM’s News File on January 3, 2026, Gyamfi said the introduction of a 3 percent withholding tax on small-scale gold production in 2021 had a devastating impact on the sector, leading to a dramatic fall in exports and foreign exchange earnings.

According to him, small-scale gold exports plunged from 39.3 tonnes valued at about $2 billion in 2020 to just 3.4 tonnes worth approximately $185 million in 2021 following the implementation of the tax.

“In 2021, the NPP introduced a 3 percent withholding tax on small-scale gold. Output declined sharply from 39.3 tonnes in 2020, valued at about $2 billion, to only 3.4 tonnes in 2021. As a result, foreign exchange inflows fell drastically from $2 billion to $185 million,” Gyamfi stated.

He described the policy as a costly misstep that deprived the country of billions of dollars in potential foreign exchange at a critical time.

Drawing comparisons with the current approach of GoldBod and the Bank of Ghana (BoG), Gyamfi said both institutions are now focused primarily on building gold reserves, stabilising the cedi, and supporting broader economic policy rather than maximising short-term profits.

He stressed that the Bank of Ghana’s role is not to generate profits but to serve as a banker to the government and ensure macroeconomic stability.

“The Bank of Ghana does not pursue accounting profits. It is the banker of last resort and a banker to government, mandated to achieve price stability and support government economic policy,” he explained.

According to Gyamfi, the long-term benefits of strong reserves and currency stability far outweigh any temporary accounting losses.

“When you build reserves and strengthen the currency, the benefits make any accounting loss insignificant,” he added.

Gyamfi’s remarks come amid public debate over GoldBod’s financial performance. He rejected reports suggesting the institution recorded a $214 million deficit, describing them as inaccurate.

Citing provisional management accounts for 2025, he disclosed that GoldBod recorded revenues exceeding GH₵960 million, with expenditures kept below GH₵120 million, putting the institution on course to declare a substantial surplus.