By Ashiadey Dotse
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, says Ghana’s gold reserves have risen from US$8.9 billion to US$13.8 billion under the administration of President John Dramani Mahama.
Speaking on X Spaces on Sunday, August 9, 2026, Mr Gyamfi said the government has focused on strengthening the domestic gold value chain, increasing local refining and improving oversight of gold trading.
“The Mahama government has increased Ghana’s gold reserve from 8.9 billion dollars to 13.8 billion dollars,” he said.
He attributed the US$4.9 billion increase to measures introduced by government to strengthen the gold sector and ensure that Ghana gains more value from its mineral resources.
Mr Gyamfi said GoldBod is also profiling all licensed gold buyers across the country to improve traceability and establish where gold entering the formal market comes from.
He said the exercise will help the Board track gold flows across the country and strengthen accountability in the buying, selling and export of the precious mineral.
The GoldBod CEO also explained that the institution has moved beyond its previous role under the Domestic Gold Purchase Programme, where it mainly bought gold for the Bank of Ghana.
According to him, GoldBod now has a broader responsibility for buying and selling gold, as well as handling related foreign exchange transactions with the central bank.
Mr Gyamfi further pointed to increased local refining as an important part of the government’s strategy.
He said processing more of Ghana’s gold locally will allow the country to retain more of the economic value that previously went to overseas refineries where the gold was previously processed.
He said the reforms are ultimately aimed at ensuring that Ghana captures a greater share of the economic benefits generated across the gold production, refining and trading value chain.
