The Chief Executive Officer of GoldBod, Sammy Gyamfi, has defended the Bank of Ghana over its decision to sell part of the country’s gold reserves, as global bullion prices decline sharply.
In a Facebook post on Thursday, March 19, Gyamfi dismissed criticism of the move, arguing that the recent drop in gold prices supports the central bank’s strategy. According to him, gold prices have fallen from about $5,500 per ounce to roughly $4,680 within weeks.
He noted that although gold is widely regarded as a safe-haven asset, it is still vulnerable to price volatility. For a country like Ghana, he said, concentrating heavily in one asset class poses significant financial risks.
Gyamfi explained that Ghana’s Gross International Reserves currently cover just about 5.7 months of imports, making diversification essential. He stressed that in managing reserves, priority must be given to safety and liquidity.
He described the decision to convert gold into cash for investment purposes as a prudent and secure move by the central bank.
Clarifying concerns about potential losses, Gyamfi disclosed that the BoG sold about 22 tonnes of gold and converted the proceeds into U.S. dollars. He said the funds were added to national reserves and invested to generate returns, insisting that no value was lost in the process.
Timing seen as strategic
Gyamfi also praised the BoG leadership, led by Johnson Asiamah, for acting ahead of the market downturn. He argued that selling at higher prices helped shield Ghana’s reserves from the ongoing slump in gold prices.
He commended the central bank’s team for what he described as sound judgment and urged critics to refrain from what he called unfair attacks.
Supporters of the move say it should be viewed not as a loss of national assets, but as a strategic adjustment aimed at protecting Ghana’s financial stability amid global market uncertainties
