Sammy Gyamfi is the CEO of GoldBod
The Bank of Ghana has taken delivery of nearly 100 kilogrammes of large-scale gold as part of efforts to strengthen the country’s reserves.
This is according to the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi.
Speaking at the Mining and Minerals Convention in Accra on Tuesday, September 9, 2025, Sammy Gyamfi said the gold was supplied by GoldBod, the state-backed entity responsible for managing Ghana’s gold trade.
“So far, we have locally purchased and supplied nearly 100 kilogrammes of large-scale gold to the Bank of Ghana to augment the country’s reserves,” he announced.
BoG’s gold reserves surge to 36 tonnes in August
He added that foreign exchange earnings from gold exports, particularly from the artisanal and small-scale mining sector, had reached unprecedented levels this year.
The Bank of Ghana introduced its domestic gold purchasing programme in 2021 to build reserves from locally mined gold instead of relying solely on imports or foreign exchange.
The initiative is designed to support the mining sector while strengthening the country’s monetary position.
As of the second quarter of 2025, Ghana’s official gold reserves stood at 32.99 tonnes, a historic high.
Gyamfi’s announcement comes after Parliament passed the Ghana Gold Board Bill, 2025, in March, giving the Board full authority to regulate the buying, selling, and export of gold and other precious minerals.
Under the new law, Goldbod has been designated as the sole exporter of gold from Ghana’s small-scale mining sector, a move that prevents licensed traders and bullion dealers from exporting independently.
The law also prohibits individuals from hoarding gold without proper authorisation, a measure aimed at preventing stockpiling, scarcity, and price manipulation in the sector.
The establishment of the Ghana Gold Board, spearheaded by President John Dramani Mahama, forms part of broader reforms to revitalise the economy and ensure effective management of the country’s gold resources.
SA/MA
