By Lord Fiifi Quayle
A careful review of official records raises troubling questions about recent public claims surrounding Ghana’s gold-backed reserve strategy. Contrary to assertions by the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, that Ghana’s gross international reserves stood at $9 billion in 2016, Bank of Ghana data show that the actual figure was $4.86 billion.
This is not a marginal discrepancy. It is a $4.14 billion overstatement, amounting to an inflation of nearly 85 per cent. Such a misrepresentation distorts the historical baseline against which current performance is being judged and risks misleading the public on a matter of serious national importance.
At a time when the government enjoys considerable public confidence reflected in presidential approval ratings estimated at 67 per cent there is an even greater obligation on those entrusted with public office to speak with precision and restraint. Political goodwill is not a licence for loose accounting. It is a responsibility to uphold the highest standards of transparency, particularly in the management of strategic national assets.
What the Records Actually Show
In responding to concerns raised by the IMF regarding Ghana’s gold-for-reserves programme, the GoldBod CEO asserted that reserves had risen “from $9 billion in 2016 to about $12 billion in 2025,” presenting this trajectory as evidence of success.
However, this narrative does not align with the central bank’s own published data.
• Bank of Ghana figures as contained in both the Summary of Economic and Financial Data and the 2016 Annual Report confirm that Ghana closed 2016 with gross international reserves of $4.86 billion.
• The claim of a $9 billion reserve position in 2016 therefore overstates the true figure by $4.14 billion. This is a factual error, not a matter of interpretation or methodological disagreement.
When senior public officials misstate foundational economic data, the consequences extend beyond reputational damage. They impair informed public debate and weaken confidence in economic governance.
The Deeper Issue: Structural Weaknesses in the Gold-for-Reserves Programme
More worrying than the statistical error itself is what it appears to conceal. The IMF’s fifth review of Ghana’s economic programme reported losses of $214 million under the Gold-for-Reserves arrangement as of September 2025.
These losses point to a structural imbalance in the programme’s design, one that shifts financial risk disproportionately onto the Bank of Ghana.
Under the current model:
• GoldBod purchases unrefined gold from local producers at prevailing international prices.
• The gold is then sold externally at a discount of between 3 and 5 per cent to account for refining, logistics, and related costs creating an inherent trading loss from the outset.
• In addition, the Bank of Ghana pays GoldBod a 0.5 per cent service fee and a 0.258 per cent assay fee. By October 2025, these charges had exceeded ₵827 million.
The IMF has been explicit in its warning that this structure poses material risks to the financial sustainability of the central bank. While GoldBod may report accounting profits, these are achieved only because the underlying losses are absorbed by the Bank of Ghana. This is neither prudent nor sustainable.
Leadership Demands Candour
To the leadership of the NDC and to President Mahama: political capital is a fragile asset. It is strengthened by honesty and weakened by exaggeration. Allowing inflated claims of economic performance to circulate unchecked undermines the very credibility that public trust confers. It also delays the hard but necessary conversations about policy reform.
To the management of GoldBod, and particularly its CEO: public office carries with it a duty of care in the use of facts. Misstating a core economic indicator by such a wide margin inevitably erodes confidence, not only in personal leadership but in the institution itself.
The Bank of Ghana’s announcement of reforms to the gold programme, expected to take effect from January 2026, is welcome. But reform must begin with a clear-eyed acknowledgment of present challenges and past errors. Progress cannot be built on revised history.
Ghana’s economic path is already demanding. It should not be made more difficult by unreliable statistics or overstated achievements. The public’s confidence; so clearly expressed in current approval ratings deserves to be met with accuracy, sobriety, and responsible stewardship. Anything less does a disservice to the nation.
GHANA MUST WORK AGAIN
African economic strategist, sovereign risk analyst, and public intellectual. Author of Pricing Uncertainty. Creator of the Africa Macro Intelligence Terminal.