Sammy Gyamfi, the Chief Executive Officer of GoldBod, has said claims by the NPP Minority that the Bank of Ghana (BoG) is selling off the country’s gold reserves are 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.
Meanwhile, Dr Johnson Asiama, the Governor of the Bank of Ghana (BoG), has invited the Vice President of IMANI Africa, Kofi Bentil, to come and visit the Central Bank over his concerns surrounding Ghana’s gold transactions.
The BoG dismissed allegations being made by Kofi Bentil that the Bank’s sale of gold had resulted in financial losses.
Dr Asiama explained that a profit of $1.3 billion was made from the transaction, as there were no losses.
He argued that the institution operates transparently and remains open to scrutiny.
According to the BoG Governor, Kofi Bentil, he must stop the wild allegations and visit the Central Bank to see the books on Ghana’s 18 tonnes of gold.
Speaking at the 129th Monetary Policy Committee (MPC) press conference in Accra on Wednesday, March 18, 2026, Dr Asiama explained, ” These things you have to put them into proper context, it is not that literal, as I said today, Gold prices are at $4,800, it went up to $5300. What that tells you is that it is very volatile, there is no guarantee that it will stay at $5300 forever”.
A decision was taken last year to diversify. At the time, there was no indication that the Venezuela crisis was going to escalate, or that the Iran crisis was going to escalate at the time. Every thought price has peaked, it was around $4200. In taken those decisions, the appropriate channels were used, and there were no breaches.
The BoG boss added, “A lot of the things we hear out there are just things we don’t even want to respond to; we have all the information. I was in parliament last week to answer all those questions. Mr Kofi Bentil ask him to come to us anytime.
Those things being said outside there, I don’t know what they want to achieve. Kofi Bentil should pay us a visit; he should stop those wild allegations. We are ready to answer him; he should just make a call and come,” he said.
“I’m ready to open the books; he should come, and I will explain to him,” Dr Asiama added.