The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified that the Gold-for-Reserves (G4R) initiative is a Bank of Ghana (BoG) programme and not an operation designed or owned by GoldBod.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi said the programme was introduced by the Bank of Ghana in 2022 and has, from its inception, remained fully funded and accounted for by the central bank.
“The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.
“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,” he stated.
Mr. Gyamfi explained that the G4R accounts were never reflected in the books of the Precious Minerals Marketing Company (PMMC) and have always remained under the Bank of Ghana because it is a BoG-funded initiative.
“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 questioned.
He further described the Gold-for-Reserves initiative as a non-profit monetary policy tool introduced by the BoG to support its core mandate of price stability.
Mr. Gyamfi stressed that any reported losses under the programme cannot be attributed to GoldBod, nor should they be interpreted as evidence of mismanagement or incompetence at the central bank.
“That program, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG. Dr Asiamah [BoG boss] is a hero, he and that wonderful team at BoG, they have not through mismanagement or incompetence cause any loss,” he said.
He explained that the policy was intentionally structured to absorb strategic costs in pursuit of broader macroeconomic benefits, including currency stability.
“ So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No, that is the policy design, and it is so sad that those under whom the policy was introduced are now feeling ignorant about the policy objects and the policy design,” he added.
Mr. Gyamfi maintained that attempts to link GoldBod to losses under the Gold-for-Reserves programme are misleading and ignore the legal and operational framework governing the initiative.
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