The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has defended the Bank of Ghana over its decision to offload part of the country’s gold reserves, arguing that recent developments on the global market have justified the move.
In a Facebook post on Thursday, 19 March, Mr Gyamfi said the sharp decline in gold prices in recent weeks vindicates the central bank’s decision to diversify Ghana’s reserve portfolio.
According to him, gold prices have fallen significantly from a peak of about $5,500 per ounce to around $4,500, exposing the risks associated with over-reliance on the commodity as a reserve asset.
“For those who have been unjustly attacking the Bank of Ghana… how do you feel about the free fall of gold prices we are currently witnessing?” he questioned.
Mr Gyamfi acknowledged that while gold remains a traditional safe-haven asset, it is not immune to volatility, which can undermine efforts to preserve national reserves if not properly managed.
He argued that for a country like Ghana, with gross international reserves covering approximately 5.7 months of imports, it is prudent to diversify holdings across multiple asset classes rather than concentrate heavily on gold.
The GOLDBOD CEO disclosed that the Bank of Ghana converted about 22 tonnes of gold into US dollars, which were added to the country’s reserves and subsequently invested to generate returns.
“Our reserves remained intact. No national asset was lost,” he stated, adding that the move has cushioned Ghana against the impact of the recent downturn in gold prices.
Mr Gyamfi further described the decision as “safe and sensible,” emphasising that reserve management must prioritise liquidity and capital preservation.
He commended the Governor of the Bank of Ghana, Dr Johnson Asiama, and his team for what he described as prudent economic management in the face of global market uncertainties.
The comments come amid ongoing public debate over the central bank’s gold reserve strategy and its implications for Ghana’s economic stability.
