Sammy Gyamfi, the CEO of the Ghana Gold Board, has said Gold is essential to President John Dramani Mahama’s reset agenda.
The GoldBod CEO highlighted that Mahama believes that Ghana could have maximised national benefits and exerted its sovereignty over its gold resources more than it has since independence.
Speaking on Joy News’ PM Express Business Edition, Sammy Gyamfi explained, “But the president, I think, saw something in me that many had not noticed at the time, and he decided to give me this opportunity, supported by my able minister, who is like a brother to me as well, Dr Cassiel Ato Forson, we have been able to push the agenda of the president for the gold sector”.
“Gold is very essential to the reset agenda of the President, because he believes that Ghana could have maximised national benefits and exerted its sovereignty over its good resources more than we have done since independence”.
“And so when he was given the second opportunity to govern as president, he needed a certain urgency for his agenda of transformation, for not only the exploitation, but also the market and the trading of our good resources to ensure that we reset the sector and change,” he stated.
Sammy Gyamfi further added, “The narrative of leakages, the narrative of low repatriation of FX and ensure that Ghanaians are in control, not only of the exploitation of our mineral resources, but also of the trading of same and that the process from that trade is coming back into the economy to support the economy and to propel his agenda, his transformation agenda for the country”.
“So that was why I believe he saw me worthy, and there are many people in the NDC who are qualified for the job. So for me to have been given the opportunity was a rare privilege for which I am forever grateful to the president”.
“And every day when I wake up, my prayer is to work hard to justify the confidence he reposed in me and not to let him down. And I believe that is a prayer of my colleagues who have also been given the very privilege to serve in his government.”
Meanwhile, Sammy Gyamfi, in an earlier interview with Asempa FM’s Ekosii Sen, debunked claims by the Minority that the Bank of Ghana (BoG) is selling off the country’s gold reserves as politics and propaganda.
The Goldbod CEO stressed that Ghana’s gold has not been sold for consumption but has been reinvested for returns.
According to Sammy Gyamfi, part of Ghana’s gold reserves was converted into dollars and invested to earn returns.
Speaking on Asempa FM’s Ekosii Sen, Sammy Gyamfi explained, “When the NPP was leaving office, the reserves were approximately $9 billion. By the end of 2025, the NDC expects these reserves to be over $13 billion. These reserves include both gold and dollars.
“The general practice for middle-income countries is to keep about 20% of their reserves in gold. However, since gold prices can be volatile, the Bank of Ghana made the decision to sell some of its gold reserves and convert them into dollars.
“This strategy allows for investments yielding interest rates of 4–5%. Holding too much gold can be risky. The claims by the Minority that the Bank of Ghana is selling off Ghana’s gold reserves are purely political propaganda.
“We are not selling Ghana’s gold reserves to spend the proceeds. Instead, we converted the gold into dollars and invested them wisely. We do not plan to buy back the same gold but will replace it through a gold purchase programme. The gold was sold to Citibank in the USA and the Bank for International Settlements in Switzerland to minimise financial risk,” he said.
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