Gold reserves remain intact, funds reinvested for profits

GOLDBOD Chief Executive Sammy Gyamfi, has kicked against claims by the Minority, suggesting that the Bank of Ghana is selling off Ghana’s gold reserves.

Describing such claims as “politics and propaganda,” Sammy Gyamfi explained that the Bank of Ghana is not selling gold reserves for consumption but rather as a way of diversifying the country’s foreign reserves.

Speaking on Asempa FM’s Ekosii Sen on Wednesday, the GOLDBOD CEO clarified that part of the gold reserves was converted into dollars and invested to generate returns, as part of the Bank’s standard risk management efforts.

“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 our gold reserves and convert them into dollars,” he explained.

He pointed out that Ghana’s reserves have increased from about $9 billion at the time the NPP left office, to over $13 billion by the end of 2025, made up of both gold and foreign currency.

“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.”

Sammy Gyamfi further explained that maintaining excessive reserves in gold could expose Ghana to price volatility, and added that diversifying into dollar investments, which yield around 4–5% interest, is a good strategy to manage risk.

“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,” he maintained.

“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 minimize financial risk,” he added.