Mahama Administration Boosts Ghana's Gold Reserves by $4.9 Billion

Ghana's gold reserves have seen a significant boost under the administration of President John Mahama. According to Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), the country's gold reserves have increased from about $8.9 billion to $13.8 billion.

The increase reflects measures introduced by the government to strengthen the gold sector and ensure that Ghana derives greater economic value from its mineral resources. Gyamfi noted that the government had focused on strengthening the domestic gold value chain, increasing local refining, and improving oversight of gold trading activities.

GoldBod is profiling licensed gold buyers as part of efforts to improve traceability and establish the sources of gold traded in the country. The institution has also assumed a broader role in the buying and selling of gold and associated foreign exchange transactions with the central bank.