Sammy Gyamfi Blames NPP-Era Policy Design for BoG’s DGPP Losses

Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has attributed losses recorded by the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme (DGPP) to the policy framework introduced by the previous New Patriotic Party (NPP) administration.

Mr Gyamfi said the financial losses associated with the programme should not be viewed as evidence of mismanagement, incompetence or poor administration by those currently overseeing the initiative.

According to him, the DGPP was deliberately designed to prioritise the acquisition of foreign exchange for the country rather than generate direct profits for the central bank.

Speaking at the Government Accountability Series on Wednesday, August 19, Mr Gyamfi said the programme had recorded losses since its inception in 2021, stressing that the situation did not begin in 2025 as some critics have suggested.

He explained that the programme was introduced at a time when Ghana had limited access to international capital markets and could no longer rely on Eurobond issuances to raise the foreign exchange needed to support the economy.

Mr Gyamfi said the policy choice at the time was therefore to prioritise foreign exchange accumulation over profitability.

“Somebody may get the impression that because we are defending ourselves against a lie, then it means that we are saying the Bank of Ghana is to blame but that is not the case,” he said.

“The position of the GoldBod has been stated by my good self time without number, that the losses recorded by the BoG under the Domestic Gold Purchase Programme, since its inception, not just 2025, are not because of mismanagement or incompetence by the current managers but those are a product of a policy design,” he added.

Mr Gyamfi said the policy was designed under the previous NPP administration to prioritise foreign exchange at a time when Ghana was unable to access the international capital market through Eurobond borrowing.

“It was the NPP that designed the Domestic Gold Purchase Programme that way. That they will not pursue profit but they will pursue foreign exchange because at the time, they had no access to the capital market to borrow on the Eurobond and bring in dollars and so they chose foreign exchange over profits and that is why since 2021, that programme has never made any profits,” he stated.

His comments come amid an ongoing political dispute over losses recorded under the DGPP, with the Minority in Parliament questioning GoldBod’s role in the financial outcomes of the programme.

The debate intensified following an International Monetary Fund (IMF) report indicating that the Bank of Ghana recorded significant losses under the programme, with calls from sections of the opposition for the government to account for the reported figures.