Artisanal and Small-Scale Mining Gold-For-Reserve Programme has Never Generated Profits for BoG – GoldBod Clarifies
The Ghana Gold Board (GoldBod) has emphasised that the Artisanal and Small-Scale Mining (ASM) Gold-For-Reserve (G4R) programme has never been a profit-generating initiative for the Bank of Ghana (BoG), even prior to the establishment of the institution.
In a statement, GoldBod reiterated that the programme is a not-for-profit policy designed to support national economic stability, build foreign reserves, and curb gold smuggling.
“The ASM G4R programme has never at any time generated profits for the Bank of Ghana. As has already been explained, the ASM G4R programme is a not-for-profit policy and has never made profits for the Central Bank,” the Board stated.
GoldBod Chief Executive Officer, Sammy Gyamfi, Esq., dismissed claims by the political Minority suggesting that the current government is attempting to “equalise” losses under the G4R initiative, describing such assertions as “hypocritical and misleading.”
He argued that the allegations ignore the larger losses recorded under the previous administration, when GoldBod had not yet been established. “Equalization? Never, no one is equalizing,” Mr. Gyamfi said, noting that current arrangements show improved performance.
According to official figures, the BoG purchased 45.3 tonnes of ASM gold in 2024 through aggregators, including the Precious Minerals Marketing Company (PMMC) and Red Sapphire. At the time, gold prices were below US$2,800 per ounce, yet the central bank reportedly recorded an audited loss of GHS 4.84 billion under the programme.
By contrast, in 2025, the BoG has purchased 103 tonnes of ASM gold—more than double the 2024 volume—through PMMC and GoldBod, amid gold prices exceeding US$4,400 per ounce. Despite the increase in volume and price, the reported loss, which remains “unaudited and unverified,” is estimated between US$214 million and US$300 million.
“When you remind them of the much bigger losses when they were in power, they say you are equalising. No, we are not equalising at all. We are simply exposing your hypocrisy and deliberate mischief,” Mr. Gyamfi added.
The debate comes amid scrutiny of a reported US$214 million BoG trade cost linked to the G4R programme. While the International Monetary Fund (IMF) highlighted the cost in its report and recommended corrective measures, it also praised the initiative, noting that Ghana has exceeded its reserve targets.
