Ghana Gold Board (GoldBod) chief executive Sammy Gyamfi has credited former vice president Mahamudu Bawumia and his team for conceiving the country’s Domestic Gold Purchase Programme (DGPP), while criticising how the policy was implemented.
Gyamfi said the programme was a well-intentioned initiative that sought to leverage Ghana’s gold resources to strengthen the country’s foreign exchange position and support the economy.
He, however, said the policy failed to achieve its full potential because of shortcomings in its implementation under the previous administration.
“I give Bawumia and his team the credit,” Gyamfi said during a Twitter Spaces discussion on Sunday (9 August).
“Domestic Gold Purchase Programme was well-intended, but not well implemented,” he said.
The DGPP was introduced to enable the state to purchase gold domestically and use the proceeds to support Ghana’s foreign exchange reserves and broader economic needs.
Gyamfi said the programme has since ended, with GoldBod now responsible for the purchase and sale of gold in Ghana and the corresponding foreign exchange transactions with the Bank of Ghana.
He said the current GoldBod framework represents a significant change in how Ghana manages its domestic gold trade.
Gyamfi’s comments come as GoldBod seeks to expand its role in Ghana’s gold sector, including efforts to improve traceability, formalise small-scale mining and maximise the economic benefits of the country’s gold resources.
