BoG not pre-financing GoldBod — Sammy Gyamfi

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board

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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the Bank of Ghana (BoG) is pre-financing GoldBod’s gold purchases, saying the central bank is instead converting cedi proceeds into foreign exchange for gold sellers.

He explained that the arrangement does not amount to the depletion of Ghana’s foreign exchange reserves, arguing that the BoG receives cedis from gold transactions and provides the equivalent value in foreign currency.

Mr Gyamfi also cited an increase in Ghana’s gold reserves under the current administration, saying the country’s reserves have risen from about US$8.9 billion to US$13.8 billion.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said: “The Bank of Ghana is not pre-financing GoldBod. It is taking people’s cedis and converting it into forex for them. It is not depleting [our reserves].”

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Sammy Gyamfi