Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says Ghana’s gold reserves have increased from about US$8.9 billion to US$13.8 billion under President John Mahama’s administration.

According to him, the increase reflects measures introduced by the government to strengthen the gold sector and ensure that Ghana derives greater economic value from its mineral resources.

Speaking on X Spaces on Sunday, August 9, Mr Gyamfi said the government had focused on strengthening the domestic gold value chain, increasing local refining and improving oversight of gold trading activities.

“The Mahama government has increased Ghana’s gold reserve from 8.9 billion dollars to 13.8 billion dollars,” he said.

Mr Gyamfi explained that GoldBod is profiling licensed gold buyers as part of efforts to improve traceability and establish the sources of gold traded in the country.

He said the reforms are intended to provide greater visibility over the gold supply chain while strengthening accountability in the buying, selling and export of the precious mineral.

The GoldBod CEO also explained that the institution was no longer operating merely as a gold-buying agent for the Bank of Ghana under the previous Domestic Gold Purchase Programme.

Instead, he said GoldBod had assumed a broader role in the buying and selling of gold and the associated foreign exchange transactions with the central bank.

Mr Gyamfi further highlighted increased local refining as an important component of the government's strategy, arguing that processing more of Ghana's gold domestically would help retain value that previously accrued to foreign jurisdictions.

He maintained that the reforms being pursued by GoldBod were ultimately aimed at ensuring that Ghana captures a greater share of the economic benefits generated across the gold production and trading value chain.