Domestic Gold Purchase Programme was well-intended, but not well implemented – Sammy Gyamfi

The former CEO of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has acknowledged the noble intentions behind the previous government's Domestic Gold Purchase Programme (DGPP), but expressed disappointment with its execution. Mr Gyamfi regarded the DGPP as a potentially beneficial policy that could have bolstered Ghana's foreign exchange reserves and stimulated the nation's economy.

However, he argued that the programme's shortcomings stemmed from the implementation process during the previous administration. Despite this criticism, Mr Gyamfi commended former Vice President Dr Mahamudu Bawumia and his team for the creation of the initiative. In an interview on Twitter Spaces on August 9, Mr Gyamfi declared, "Domestic Gold Purchase Programme was well-intended, but not well implemented."

He also noted that the current GoldBod framework marks a significant departure from the previous approach to managing Ghana's domestic gold trade. In the past, Mr Gyamfi has stated that the DGPP has since come to an end, with GoldBod now assuming the responsibilities of purchasing and selling gold in Ghana and conducting the relevant foreign exchange transactions with the Bank of Ghana.