The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has responded to media reports linking his agency to the $214 million loss under the Bank of Ghana’s Gold-for-Reserves programme.
In a statement clarifying the board’s financial role, Gyamfi emphasized that inflows from GoldBod, along with other factors, contributed to Ghana’s foreign reserves growing from $9 billion in 2016 to $12 billion in 2025.
“It is an indisputable fact that GoldBod generated over $10 billion in foreign exchange in 2025 alone through its local purchase of more than 100 tons of artisanal and small-scale mining gold for the Bank of Ghana. The GoldBod also procures 20% of the gold output from nine large-scale companies to bolster national reserves,” the statement noted.
Gyamfi described the country’s reserve accumulation as historic, underlining that Ghana’s gross international reserves have reached a record high of approximately $12 billion in 2025.
