The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says losses recorded by the Bank of Ghana under the Domestic Gold Purchase Programme are not new, and did not start in 2025 as some critics claim.
Speaking at the Government Accountability Series on Wednesday, August 19, 2026, Gyamfi said the programme has recorded losses every year since its introduction in 2021.
He insisted this has nothing to do with mismanagement or incompetence on the part of the scheme’s current managers.
“The position of the GoldBod has been stated by my good self time without number, that the losses recorded by the BoG under the Domestic Gold Purchase Programme, since its inception, not just 2025, are not because of mismanagement or incompetence by the current managers but those are a product of a policy design,” he said.
According to him, the programme was never built to turn a profit. Instead, it was structured to help Ghana build up foreign exchange reserves at a time when the country had lost access to the Eurobond market and could not easily raise dollars through international borrowing.
“It was the NPP that designed the Domestic Gold Purchase Programme that way. That they will not pursue profit but they will pursue foreign exchange because at the time, they had no access to the capital market to borrow on the Eurobond and bring in dollars and so they chose foreign exchange over profits and that is why since 2021, that programme has never made any profits.”
Gyamfi rejected suggestions that GoldBod’s recent defence of the programme amounts to blaming the Bank of Ghana, insisting he has repeatedly made the point that the losses trace back to policy design under the NPP, not to how the programme has been run since.
