BoG’s gold purchase losses date back to 2021, not 2025 – Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has clarified that losses incurred by the Bank of Ghana under the Domestic Gold Purchase Programme began in 2021, contrary to claims made by critics in 2025. Speaking at the Government Accountability Series on August 19, 2026, Gyamfi emphasized that the programme has consistently recorded losses since its inception in 2021, and this is not due to mismanagement or incompetence among the current managers.

According to Gyamfi, these losses are a result of the policy design of the Domestic Gold Purchase Programme.

Gyamfi stated that the programme was not intended to generate profits, but rather to help Ghana build up foreign exchange reserves during a period when the country lost access to the Eurobond market and could not easily raise dollars through international borrowing. He clarified that the decision to pursue foreign exchange over profits was made by the NPP government, which designed the program with this objective in mind.

Therefore, Gyamfi rejected any notion that the program's recent defense amounts to blaming the Bank of Ghana, asserting that the responsibility for the losses lies in the policy design introduced under the NPP government, not in the management of the program by its current managers.