The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has clarified that the Gold-for-Reserves (G4R) initiative is a Bank of Ghana (BoG) programme and not an operation designed or owned by GoldBod.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr. Gyamfi said the programme was introduced by the Bank of Ghana in 2022 and has, from its inception, remained fully funded and accounted for by the central bank.
“The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.
“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power,” he stated.
Mr. Gyamfi explained that the G4R accounts were never reflected in the books of the Precious Minerals Marketing Company (PMMC) and have always remained under the Bank of Ghana because it is a BoG-funded initiative.
“So where does the claim come from that GoldBod has made losses? How can an eight-month-old company suddenly be responsible for the losses of the Bank of Ghana?” he questioned.
He further described the Gold-for-Reserves initiative as a non-profit monetary policy tool introduced by the Bank of Ghana to support its core mandate of price stability.
Mr. Gyamfi stressed that any reported losses under the programme cannot be attributed to GoldBod, nor should they be interpreted as evidence of mismanagement or incompetence at the central bank.
“The G4R programme is a monetary policy initiative. Any loss, if there is one, is not due to mismanagement. Dr. Asiamah and his team at the Bank of Ghana are heroes. Any reported loss is a result of policy design,” he said.
He explained that the policy was intentionally structured to absorb strategic costs in pursuit of broader macroeconomic benefits, including currency stability.
“So we are not saying that losses, if any, came from mismanagement. These are intentional and strategic policy expenses. It is unfortunate that those under whose tenure the policy was introduced now appear unaware of its objectives and design,” he added.
Mr. Gyamfi maintained that attempts to link GoldBod to losses under the Gold-for-Reserves programme are misleading and ignore the legal and operational framework governing the initiative.
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Source: www.myjoyonline.com
