Mahama administration boosts Ghana’s gold reserves to $13.8bn – Sammy Gyamfi

Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), revealed that Ghana's gold reserves have grown from approximately $8.9 billion to $13.8 billion during President John Mahama's administration. According to Gyamfi, this increase is a result of policies aimed at enhancing the country's gold sector and maximizing economic benefits from the nation's mineral resources.

In a recent X Spaces discussion on August 9th, Gyamfi emphasized the government's focus on strengthening the local gold value chain, boosting domestic refining, and tightening regulation of gold trading operations.

Gyamfi explained that GoldBod is currently identifying licensed gold buyers as part of their efforts to enhance traceability and pinpoint the origins of gold transactions in Ghana. The reforms aim to provide improved visibility throughout the country's gold supply chain and bolster accountability in the buying, selling, and export of this valuable mineral.

In addition to its previous role as a gold-buying agent for the Bank of Ghana under the Domestic Gold Purchase Programme, GoldBod now plays a more extensive role in gold buying, selling, and associated foreign exchange transactions with the central bank.

Gyamfi also highlighted local refining as a crucial element of the government's strategy, stating that refining a larger portion of Ghana's gold domestically would help keep the value that would otherwise be sent to foreign countries. He maintained that these reforms pursued by GoldBod ultimately aim to ensure that Ghana captures a larger share of the economic gains generated along the gold production and trading value chain.