Domestic Gold Purchase programme losses reflect policy cost of economic stabilisation – Goldbod

Ghana Gold Board CEO Sammy Gyamfi has clarified reported losses incurred by the Bank of Ghana under the Domestic Gold Purchase Programme in 2025, emphasizing that they should be viewed within the broader economic objectives rather than as evidence of financial mismanagement or loss of state funds. Speaking at a Government Accountability Series, Gyamfi explained that the DGPP was designed as a foreign exchange mobilisation and economic stabilisation intervention, not a profit-making program.

He noted that the decision to purchase artisanal and small-scale mining gold at spot prices aimed to strengthen Ghana's foreign exchange position and support macroeconomic stability, and the programme has never made a profit since its inception in 2021. Gyamfi stressed that the reported losses were largely due to exchange-rate valuation or translational effects, not criminality or misappropriation of state resources.

He highlighted that the programme contributed to significant improvements in Ghana's foreign exchange reserves and broader macroeconomic indicators, including a 41% appreciation of the Ghana cedi and a substantial reduction in inflation. According to Gyamfi, the expansion of the programme led to an increase in Ghana's foreign reserves from $8.9 billion in 2024 to about $13 billion in 2025, while also supporting a 41% appreciation of the Ghana cedi and a substantial reduction in inflation from 23.8% to below 5% during the year.