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BoG not pre-financing GoldBod — Sammy Gyamfi
August 9, 2026
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BoG not pre-financing GoldBod — Sammy Gyamfi

Money
Policy
Growth

Key Points

  • GoldBod CEO Sammy Gyamfi denies claims that the Bank of Ghana (BoG) is pre-financing GoldBod's gold purchases.
  • Gyamfi clarifies that the BoG converts cedi proceeds from gold sellers into foreign exchange for them.
  • He asserts that this arrangement does not deplete Ghana's foreign exchange reserves.
  • The CEO explains the BoG receives cedis from gold transactions and provides equivalent foreign currency.
  • Gyamfi also highlighted an increase in Ghana’s gold reserves from US$8.9 billion to US$13.8 billion under the current administration.

Why This Matters

This article is significant for Ghana as it addresses public concerns regarding the management of the nation's gold resources and foreign exchange reserves. Clarifying the BoG's role in gold transactions is crucial for maintaining confidence in the country's economic stability and financial institutions. The reported increase in gold reserves also signals a positive development for Ghana's economic outlook and asset base.

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