Ghana Gold Board (GoldBod) CEO Sammy Gyamfi has acknowledged former Vice President Mahamudu Bawumia and his team for introducing the Domestic Gold Purchase Programme (DGPP), while criticising the way the initiative was implemented.
According to Mr Gyamfi, the programme was designed with a clear economic purpose: to use Ghana’s gold resources to strengthen the country’s foreign exchange position and support the wider economy.
He said, however, that weaknesses in its implementation under the previous administration prevented the policy from achieving its full potential.
“I give Bawumia and his team the credit,” Mr Gyamfi said during a Twitter Spaces discussion on Sunday, August 9.
“The Domestic Gold Purchase Programme was well-intended, but not well implemented,” he added.
The DGPP was introduced to allow the state to purchase gold directly from domestic sources, with the proceeds intended to support Ghana’s foreign exchange reserves and other economic needs.
Mr Gyamfi said the programme has since been discontinued, with GoldBod now taking responsibility for the purchase and sale of gold in Ghana, alongside the related foreign exchange transactions with the Bank of Ghana.
He described the current GoldBod framework as a significant shift in the way the country manages its domestic gold trade.
His comments come as GoldBod continues to expand its role in the sector, including efforts to improve gold traceability, formalise small-scale mining and ensure that Ghana derives greater economic value from its gold resources.
