GoldBod key to Mahama’s economic recovery – Sammy Gyamfi

GoldBod CEO Sammy Gyamfi says the new gold board is at the core of Ghana’s strategy to stabilise the economy and boost forex reserves.

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), says the board is playing a key role in President John Mahama’s plan to revitalise Ghana’s struggling economy.

Speaking at the Mining in Motion Summit on Monday, June 9, Gyamfi highlighted the urgency of finding new ways to strengthen Ghana’s foreign reserves, given the sharp decline in traditional sources of foreign exchange. “The President made it clear from day one that GoldBod is a central pillar of the economic recovery plan,” he said.

Tapping Gold to Boost Reserves

Gyamfi explained that the government, in partnership with the Bank of Ghana, launched the Gold for Forex programme to tap into Ghana’s gold resources. The goal: reduce reliance on external borrowing and help stabilise the cedi. “We had to think outside the box. Increasing local gold purchases and legal exports give us a viable tool to shore up reserves,” he added.

Broad Consultation Led to Legal Backing

He also stressed that GoldBod wasn’t just a government project. It resulted from extensive consultation with civil society groups, traditional leaders, small-scale miners, traders, and the media. “We worked day and night with stakeholders to create one of the most forward-looking laws we have today, the GoldBod Act 2025 (Act 11),” he noted.

A Strategic Shift in Resource Management

The initiative, he said, reflects a broader shift in Ghana’s approach to natural resource management, prioritising domestic value and long-term stability.

Gyamfi believes GoldBod will not only help improve foreign reserves but also reshape the narrative around Ghana’s gold sector by promoting transparency, accountability, and sustainable economic development.