The CEO of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has acknowledged the intention behind the previous government’s Domestic Gold Purchase Programme (DGPP), but criticised its implementation.

Mr Gyamfi said the programme was a potentially useful policy aimed at leveraging Ghana’s gold resources to strengthen the country’s foreign exchange position and support the economy.

He, however, argued that the policy did not achieve its full potential because of the manner in which it was implemented under the previous administration. He nonetheless credited former Vice President Dr Mahamudu Bawumia and his team for conceiving the initiative.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said, “Domestic Gold Purchase Programme was well-intended, but not well implemented.”

He added that “I give Bawumia and his team the credit” for the policy, while maintaining that the current GoldBod framework represents a significant change in the way Ghana manages its domestic gold trade.

Mr Gyamfi has previously stated that the Domestic Gold Purchase Programme has since ended, with GoldBod now responsible for the buying and selling of gold in Ghana and the corresponding foreign exchange transactions with the Bank of Ghana.