Sammy Gyamfi Breaks Silence on IMF Concerns, Reveals Why Mahama Won’t Abandon GoldBod Model

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed that President John Dramani Mahama has urged the Board to maintain its gold trading strategy despite concerns and recommendations from international institutions, including the International Monetary Fund (IMF).

Mr Gyamfi argued that Ghana had followed economic policy advice from international institutions for decades without achieving the outcomes the country is experiencing under its current approach.

He maintained that the government should prioritise policies it considers beneficial to the national interest.

Speaking at the Mining in Motion Conference on Tuesday, October 20, he said the government remained confident in GoldBod’s operating model and was determined to continue implementing it despite differing views from external institutions.

His comments come amid concerns raised by the IMF about losses associated with GoldBod’s operations and the possible impact on the Bank of Ghana’s balance sheet.

Mr Gyamfi acknowledged that Ghana’s participation in an IMF-supported programme gives the Fund a basis to express views on the country’s economic policies.

However, he stressed that such engagement should not prevent the government from pursuing strategies it believes can deliver better economic results.

He added that Ghana remained willing to cooperate with international partners and exchange ideas on economic management but would maintain its position whenever recommendations conflicted with the country’s interests.

Defending GoldBod’s performance, Mr Gyamfi cited a surplus of more than GH¢5.4 billion recorded in 2025, including an operational surplus of GH¢900 million.

He argued that the Board’s performance should not be assessed solely through its financial results but also through its efforts to combat gold smuggling, increase official purchases from the artisanal and small-scale mining sector, and improve foreign exchange earnings.

According to him, Ghana’s gold trading policy is intended to ensure that a larger share of the country’s mineral wealth is captured through formal channels rather than lost through smuggling and unregulated transactions.

Mr Gyamfi maintained that the government remained convinced of the policy’s benefits and would continue pursuing its objectives despite concerns about the financial implications of GoldBod’s operations.

Source: https://www.citinewsroom.com/2026/10/goldbod-will-prioritise-national-interest-over-imf-concerns-sammy-gyamfi/

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