Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has credited former Vice President Dr. Mahamudu Bawumia and his team for introducing the Domestic Gold Purchase Programme (DGPP). Mr. Gyamfi, however, criticized the manner in which the initiative was implemented, stating that weaknesses prevented it from achieving its full potential. The DGPP has now been discontinued, with GoldBod assuming responsibility for all gold purchases and sales in the country.
The DGPP was designed to use Ghana’s gold resources to improve the country’s foreign exchange position and provide additional support for the economy. It aimed to allow the government to purchase gold directly from domestic producers. This initiative also sought to strengthen the state’s participation in Ghana’s gold industry, ensuring more value from mineral resources remained within the domestic economy. Mr. Gyamfi acknowledged Dr. Bawumia's team for the idea during an 'X' (formerly Twitter Spaces) discussion on Sunday, August 9, 2026.
This development comes as Ghana continues to navigate economic challenges, including the need to bolster its foreign exchange reserves and stabilize the Ghana cedi (GHS). The country's reliance on commodity exports, particularly gold, makes such programs crucial for economic resilience. Previous efforts to manage commodity revenues have faced scrutiny, highlighting the importance of robust implementation frameworks for national initiatives. The discontinuation of the DGPP and the transition to GoldBod reflect an ongoing effort to optimize the benefits derived from Ghana's natural resources.
Sammy Gyamfi stated, “I give Bawumia and his team the credit,” while maintaining that the program was not properly executed. He explained that the DGPP was established to allow the government to purchase gold directly from domestic producers. The proceeds were intended to strengthen the country’s foreign exchange reserves and meet broader economic requirements. This direct purchase mechanism aimed to increase the state’s participation in Ghana’s gold industry.
The new framework under GoldBod represents a significant shift in how Ghana manages its domestic gold trade. It seeks to maximize the economic benefits from the sector. This change is also expected to support efforts to formalize Ghana’s small-scale mining industry. Improved traceability of gold produced in the country is another anticipated outcome. Decision-makers and markets will closely watch how GoldBod’s new system impacts Ghana’s foreign exchange position and the broader economy, particularly its ability to generate and retain value from gold exports.
The transition to GoldBod’s system is a critical step in Ghana's economic strategy. It aims to ensure that the country's vast gold wealth contributes more effectively to national development. The success of this new approach will depend on transparent governance and efficient operational execution. Stakeholders will monitor its impact on both large-scale and small-scale mining sectors. This initiative could set a new standard for resource management in Ghana.