GoldBod no longer buying gold for BoG — Sammy Gyamfi

GoldBod CEO, Sammy Gyamfi

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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says the institution is no longer operating as a gold-buying agent for the Bank of Ghana (BoG), following the end of the Domestic Gold Purchase Programme (DGPP).

He explained that GoldBod now has the mandate to independently purchase and sell gold in Ghana and provide the foreign exchange generated from its operations to the Bank of Ghana.

Mr Gyamfi said the change in mandate means GoldBod should no longer be described as an agent implementing the former government's Domestic Gold Purchase Programme on behalf of the central bank.

“The Domestic Gold Purchase Programme by the erstwhile NPP government has ended long ago. Anyone who claims GoldBod is undertaking that programme isn't being truthful,” he said.

Speaking on Twitter Spaces on Sunday, August 9, Mr Gyamfi said GoldBod’s current operations are based on its own statutory mandate and are distinct from the previous arrangement under which the Bank of Ghana purchased gold domestically.

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Sammy Gyamfi