The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has publicly credited former Vice President Dr Mahamudu Bawumia and his team for conceiving Ghana’s Domestic Gold Purchase Programme (DGPP), describing the initiative as a well-intentioned policy aimed at strengthening the country’s foreign exchange position.
Mr Gyamfi’s comments represent a significant acknowledgement of the policy thinking behind the programme, despite his criticism of the manner in which it was implemented under the previous administration.
Speaking during a Twitter Spaces discussion on Sunday, August 9, Mr Gyamfi said the idea of using Ghana’s gold resources to support the country’s foreign exchange needs was fundamentally sound.
“I give Bawumia and his team the credit,” he said.
He added: “Domestic Gold Purchase Programme was well-intended, but not well implemented.”
The admission places Dr Bawumia’s contribution to Ghana’s gold-sector policy reforms at the centre of the renewed debate over how the country can better leverage its mineral resources to address economic challenges.
The DGPP was introduced to enable the state to purchase gold produced domestically and use the proceeds to strengthen Ghana’s foreign exchange reserves and support broader economic activity.
While Mr Gyamfi faulted aspects of the programme’s execution, his recognition of Dr Bawumia and his team for conceiving the initiative highlights the strategic thinking behind efforts to turn Ghana’s gold resources into a stronger source of foreign exchange.
The programme has since been replaced by a broader framework under GoldBod, which now plays a central role in the purchase and sale of gold in Ghana, as well as related foreign exchange transactions with the Bank of Ghana.
Mr Gyamfi said the new GoldBod structure represents a significant shift in the management of Ghana’s domestic gold trade, with greater emphasis on formalisation, traceability and maximising the economic value of the country’s gold resources.
The development also means that a policy idea initiated under the previous administration is continuing to influence Ghana’s approach to managing its gold sector, even as the current administration modifies and expands the framework.
For Dr Bawumia, the acknowledgement from the current GoldBod leadership provides recognition of the strategic value of the DGPP concept and its objective of using Ghana’s gold wealth to strengthen the country’s economic and foreign exchange position.
The comments are likely to renew discussions about the former Vice President’s economic policy legacy, particularly his efforts to identify alternative mechanisms through which Ghana could build stronger foreign exchange reserves and reduce pressure on the domestic currency.
As GoldBod continues to expand its mandate, the central question will be whether the institution can successfully improve on the implementation challenges identified in the earlier programme while delivering the broader economic benefits envisioned by the original DGPP concept.
