GoldBod Defends Artisanal and Small-Scale Mining Gold-for-Reserves Programme Despite $214m Cost to BoG
The Ghana Gold Board (GoldBod) has defended the Artisanal and Small-Scale Mining Gold-For-Reserves (ASM G4R) programme, describing it as a net positive for the economy despite the costs incurred under its implementation.
According to GoldBod, the initiative was introduced to formalise gold trading, reduce smuggling, and bolster Ghana’s foreign exchange reserves, with the broader objective of promoting macroeconomic stability.
The Board noted that although the programme entails costs to the Bank of Ghana (BoG), its impact has been significant. “While it comes with some cost to the Central Bank, it has delivered meaningful macroeconomic stability and helped restore public confidence in the economy,” GoldBod stated.
The comments come amid criticism from the Minority in Parliament, which has characterised the reported US$214 million loss recorded by the BoG under the Gold-for-Reserves programme as a design flaw rather than an outcome driven by market conditions.
Addressing a press briefing on Monday, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, said the losses cited in the International Monetary Fund’s (IMF) programme review point to fundamental structural weaknesses in the current GoldBod-led execution of the initiative.
However, GoldBod’s Chief Executive Officer, Sammy Gyamfi, Esq., rejected claims that the programme should be assessed on a profit-and-loss basis, insisting that its primary objective has always been national economic stability.
He argued that the reported US$214 million loss recorded in 2025 should be viewed in context, stressing that the programme enabled the accumulation of more than US$10 billion in foreign exchange.
“Even if the cost of the programme is US$214 million, the foreign exchange accumulated over US$10 billion represents substantial economic value,” he said.
Mr Gyamfi maintained that the outcome represents a strategic gain rather than a setback, explaining that the expenditure formed part of a deliberate policy choice to meet external obligations and strengthen the country’s reserve position.
