Blaming BoG for Gold for Reserve alleged losses is dishonest – Sammy Gyamfi

Ghana Goldbod CEO Sammy Gyamfi has dismissed claims that the Bank of Ghana (BoG) mismanaged the Gold for Reserve (G4R) policy, saying any reported losses reflect policy design, not incompetence.

Speaking on Newsfile, Gyamfi defended BoG and Dr. Ernest Asiama, Head of the Bank of Ghana, emphasizing that the central bank team had not caused any loss through mismanagement.

“He and that wonderful team at BoG, they have not through mismanagement or incompetence caused any loss,” he stated.

G4R, also referred to as the Gold-for-Reserves policy, was structured to incur intentional and strategic expenses aimed at generating superior economic benefits. Gyamfi clarified, “Then any reported loss under G4R, if any, is a product of policy design. That is how the policy was designed, to come to incur intentional and strategic expenses for superior economic benefits.”

The CEO also linked the discussion to concerns raised over Bawah Rock Company Limited, which has been licensed as the sole aggregator of artisanal gold.

He reminded critics that Bawah Rock had actively participated in the Minerals Income Investment Fund (MIIF) programme in 2024 under the previous New Patriotic Party government.

“This is not a new entrant that suddenly appeared. They were active participants in a state-led gold programme under the NPP,” Gyamfi noted.

He stressed that Goldbod’s licensing decisions were based on documented history, regulatory compliance, and operational performance. “Facts, licences and performance should guide this discussion, not speculation,” he added.

Gyamfi lamented that those now questioning the policy appear unaware of its original objectives.

“It is so sad that those under whom the policy was introduced are now feigning ignorance about the policy objects and the policy design,” he said.

The Minority in Parliament, however, has questioned the monopoly arrangement, warning it may undermine competition, transparency, and fair pricing.

Gyamfi’s remarks aim to clarify that any loss under G4R is not due to BoG errors but deliberate policy choices, reaffirming confidence in the central bank’s management of the initiative.