Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi has acknowledged former Vice President Dr. Mahamudu Bawumia and his team for introducing the Domestic Gold Purchase Programme (DGPP), although he criticised the manner in which the initiative was implemented.
Mr Gyamfi described the programme as a well-intentioned policy designed to use Ghana’s gold resources to improve the country’s foreign exchange position and provide additional support for the economy.
However, he argued that weaknesses in its implementation under the previous administration prevented the programme from achieving its full potential.
Speaking during an ‘X’, formerly Twitter Spaces, discussion on Sunday, August 9, 2026, Mr Gyamfi said Dr. Bawumia and his team deserved recognition for coming up with the idea.
“I give Bawumia and his team the credit,” he said, while maintaining that the programme was not properly executed.
According to him, the DGPP was established to allow the government to purchase gold directly from domestic producers and use the proceeds to strengthen the country’s foreign exchange reserves and meet broader economic requirements.
The initiative was also intended to increase the state’s participation in Ghana’s gold industry and ensure that more value from the country’s mineral resources remained within the domestic economy.
Sammy Gyamfi said the DGPP has now been discontinued, with GoldBod taking over responsibility for the purchase and sale of gold in the country, as well as the related foreign exchange transactions with the Bank of Ghana.
He explained that the GoldBod system represents a major shift in the way Ghana manages its domestic gold trade and seeks to maximise the benefits of the sector for the economy.
The Chief Executive said the new framework is also expected to support efforts to formalise Ghana’s small-scale mining industry and improve the traceability of gold produced in the country.
