The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has outlined significant strides made by the institution in supporting the country’s economic stability through strategic gold purchases and exports.
Speaking at the maiden edition of the Mining and Minerals Convention held at the Kempinski Gold Coast Hotel on Tuesday, September 9, 2025, Mr. Gyamfi highlighted the progress made in boosting Ghana’s gold reserves and strengthening the Cedi, while projecting a broader vision of Africa’s potential in leading global industries.
In his address, Mr. Gyamfi emphasized the GoldBod’s central role in supporting the Bank of Ghana’s gold reserve accumulation program. He announced that the GoldBod has already begun purchasing gold directly from large-scale producers as part of its mandate.
“In line with our objective of supporting gold reserve accumulation by the Bank of Ghana (BoG), the GoldBod has initiated the local purchase of 20% of the gold output of seven large-scale mining companies in the country”.
Sammy Gyamfi, Goldbod CEO
This initiative, which is being implemented in partnership with the mining sector, is aimed at ensuring that a consistent portion of Ghana’s gold output remains within the country to shore up its financial stability.
Mr. Gyamfi revealed that the program has already yielded tangible results. “So far, we have locally purchased and supplied to the BoG nearly 100 kilograms of large-scale gold to augment the gold reserves of the country,” he stated.
The impact of these efforts has been felt beyond the reserves. According to Mr. Gyamfi, Ghana has witnessed an unprecedented inflow of foreign exchange this year, particularly from the artisanal and small-scale mining (ASM) sector.
“Foreign exchange accumulation from gold exports this year, particularly from the ASM sector, have been unprecedented. These much-needed forex inflows have significantly strengthened Ghana’s reserves, improved our balance of payments and provided critical support to the Ghana Cedi”.
Sammy Gyamfi, Goldbod CEO
A Stratagic Tool for Longterm National Development
These achievements, Mr. Gyamfi argued, highlight the broader significance of the Ghana Gold Board’s operations. He described the institution as a strategic tool not just for fiscal management but for long-term national development.
“These early successes underline the strategic role of the Ghana Gold Board to Ghana’s long-term development and prosperity. As was publicly stated by President Mahama a few months ago, the Ghana Gold Board is still in the preparatory stages of fully deploying its operational mandate, and significant untapped potential remains”.
Sammy Gyamfi, Goldbod CEO
This acknowledgment, he argued, signals both optimism and responsibility, as the GoldBod continues to build on its early foundation. But Mr. Gyamfi was keen to underscore that the story of the GoldBod is not just about economic statistics. He described the institution’s progress as part of a broader narrative about Africa’s capacity to define its own path in global industries.
“More than just the numbers, we at the GoldBod are proving something powerful, which is that African-born corporations can lead globally, not merely follow,” he said. For him, the milestones achieved thus far represent not only progress for Ghana but a symbol of what Africa can achieve when natural resource wealth is combined with bold, visionary leadership.
The maiden Mining and Minerals Convention provided a platform for government officials, industry players, and policymakers to discuss strategies for maximizing the benefits of Ghana’s vast mineral wealth.
Mr. Gyamfi’s presentation reinforced the sense that gold, long a cornerstone of the Ghanaian economy, could now be harnessed more systematically for national development through institutional frameworks such as the GoldBod.
The GoldBod’s early achievements could prove crucial in Ghana’s ongoing economic recovery efforts. With the country navigating the challenges of debt restructuring and IMF-backed reforms, the ability to generate and retain foreign exchange inflows has become more urgent than ever.
By channeling a portion of the mining sector’s output into the central bank’s reserves, the GoldBod is creating a buffer against external shocks and helping to stabilize the Cedi—an outcome that directly impacts businesses and households alike.
For Mr. Gyamfi, however, the true measure of success lies in demonstrating Africa’s capacity to innovate and lead in managing its resources.
“These milestones that I have outlined are not ours alone to celebrate. They symbolize what Africa can achieve when we combine resource wealth with bold thinking,” he concluded, drawing applause from participants at the convention.
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