GoldBod Links Gold Programme To Higher Reserves And Cedi Appreciation

The Ghana Gold Board has linked the expansion of the Bank of Ghana’s Domestic Gold Purchase Programme to improvements in Ghana’s foreign reserves and the performance of the cedi.

GoldBod CEO Sammy Gyamfi said the scaling up of the programme contributed significantly to an increase in Ghana’s international reserves.

According to him, reserves rose from US$8.9 billion in 2024 to approximately US$13 billion in 2025.

He also linked the programme to a 41% appreciation of the Ghana cedi in 2025.

Mr Gyamfi said the scaling up of the DGPP also coincided with a substantial decline in inflation, from 23.8% to below 5%.

He argued that these economic outcomes should be considered alongside the accounting losses reported under the programme.

According to GoldBod, the reported US$1.7 billion loss was associated largely with valuation effects and the scaling up of the programme, rather than evidence that the programme was simply a failed gold-trading operation.

The institution therefore maintains that the wider economic impact of the programme must be considered when assessing its performance.