The Chief Executive Officer of GoldBod, Sammy Gyamfi, has dismissed claims by the Minority that the Bank of Ghana is selling off the country’s gold reserves.
Speaking on Asempa FM’s Ekosii Sen, he described the allegations as “politics and propaganda,” insisting that the gold has not been sold for consumption.
He explained that part of the reserves was converted into dollars and invested to earn returns, noting that this is a standard risk management strategy.
According to him, Ghana’s reserves have increased from about $9 billion at the end of the previous administration to over $13 billion by the end of 2025, made up of both gold and foreign currency.
Mr. Gyamfi said holding excessive reserves in gold exposes the country to price volatility, adding that diversifying into dollar investments earning about 4–5 percent interest helps reduce risk.
He further clarified that the gold was transacted through institutions such as Citibank in the United States and the Bank for International Settlements in Switzerland.
He assured that the country will not repurchase the same gold but will replenish reserves through its ongoing gold purchase programme.
“When the NPP was leaving office, the reserves were approximately $9 billion. By the end of 2025, the NDC expects these reserves to be over $13 billion. These reserves include both gold and dollars.
“The general practice for middle-income countries is to keep about 20% of their reserves in gold. However, since gold prices can be volatile, the Bank of Ghana made the decision to sell some of our gold reserves and convert them into dollars.
“This strategy allows for investments yielding interest rates of 4–5%. Holding too much gold can be risky. The claims by the Minority that the Bank of Ghana is selling off Ghana’s gold reserves are purely political propaganda.
“We are not selling Ghana’s gold reserves to spend the proceeds. Instead, we converted the gold into dollars and invested them wisely. We do not plan to buy back the same gold but will replace it through a gold purchase programme. The gold was sold to Citibank in the USA and the Bank for International Settlements in Switzerland to minimise financial risk,” he said.
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