The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has issued a response to media reports that dragged his institution into the $214 million loss recorded under the Bank of Ghana’s Gold-for-Reserves programme.

In his attempt to clarify the profitability position of the GoldBod after an IMF assessment had indicated that trading losses and off-takers fees from the GoldBod had plunged the Central Bank's Gold-for-Reserves programme losses, the CEO indicated that inflows from the GoldBod coupled with other factors had caused the country’s foreign reserves to increase from $9 billion in 2016 to $12 billion in 2025.

“It remains an indisputable fact, that the GoldBod has generated over $10 billion dollars in foreign exchange for the country in 2025 alone from its local purchasing of over 100 tons of ASM gold for the BoG. The GoldBod also buys 20% of the gold output of nine large scale companies for the BoG to shore up its gold reserves” the media release stated.

In point seven of his statement, Mr Gyamfi described Ghana’s reserve accumulation as historic, asserting that the country’s gross international reserves had increased “from $9 billion in 2016 to a record high of about $12 billion in 2025.”

Since foreign reserve data are official statistics published by the Bank of Ghana and frequently used to justify major economic policies, JoyNews Research subjected this claim to verification using BoG’s published records.

The claim rests on two figures; the reserve level in 2016 and the reported level in 2025, but the accuracy of the 2016 baseline is critical, as it determines the country's import cover position and its associated balance of payment risk especially in period where Ghana was under its sixteenth IMF programme.

A review of the Bank of Ghana’s Summary of Economic and Financial Data shows that Ghana ended 2016 with gross international reserves of $4.86 billion, not $9 billion as stated by the GoldBod CEO. This represents a discrepancy of approximately $4.14 billion, meaning the claim substantially overstates Ghana’s reserve position for that year.

This figure is corroborated by the Bank of Ghana’s 2016 Annual Report, which also records gross international reserves at $4.86 billion at the end of 2016. The consistency across both official BoG publications provides firm confirmation that Ghana’s reserves at the close of 2016 were significantly lower than the amount cited in the CEO’s statement.

Based on this evidence, the claim that Ghana’s gross international reserves stood at $9 billion in 2016 is not supported by official central bank data. While Ghana’s reserves may have increased over time and reached higher levels by 2025, the baseline figure used to describe the magnitude of that increase is factually inaccurate.

JoyNews Research concludes that the statement claiming Ghana’s reserves were $9 billion in 2016 is false. Official Bank of Ghana records show that Ghana ended that year with reserves of $4.86 billion, not $9 billion.

Note to Readers

This fact-check is limited to verifying the accuracy of the CEO’s statement on Ghana’s foreign reserve levels in 2016. It does not dispute that Ghana’s reserves rose significantly in 2025, but the claim of a rise from $9 billion in 2016 is factually inaccurate.