Gold Board’s Chief Executive Officer, Sammy Gyamfi, has admitted his appointment came to him as a surprise.

Elected as the party’s National Communications Officer of the NDC and became the party’s chief spokesperson in 2018, he actively led the NDC’s communication strategy until he was announced CEO of GoldBoard in 2025 by President Mahama.

Speaking during an appearance on Joy News’ PM Express Business Edition on Thursday, March 26, Sammy Gymafi labelled his appointment as a humbling opportunity given to him by the president.

He said, “For me, it was an exciting call made by the president,” indicating that he anticipated an appointment to a communication role or to something similar due to his background and long-standing role as the party’s lead spokesperson. However, President Mahama, whom he said has been like a father to him over the years in his career, saw beyond what he could see as his capability.

“The president, to some of us, as a father figure, is not just a flagbearer. He’s not just our President, but somebody that I’ve enjoyed the father-son relationship with for some time now, and he’s a great visionary.

So what he may see in you, you may not even have seen in yourself. Maybe many never expected that, upon winning power, I would find myself where I am. I’m sure many have predicted that I may, I may have landed some communication-related job,” he said.

According to him, the President’s decision reflects a deeper confidence in his abilities, beyond public expectations.

“But the president, I think, saw something in me that many had not noticed at the time, and he decided to give me this opportunity,” he added.

Sammy Gyamfi also pointed to the support of Finance Minister Dr Cassiel Ato Forson, describing him as “like a brother,” as they work together to drive the President’s agenda for the gold sector.

He stressed that gold remains central to the government’s broader economic transformation plans, particularly in addressing long-standing challenges in the sector.

“Gold is very essential to the reset agenda of the President,” he said, explaining that the goal is to maximise national benefits and strengthen Ghana’s control over its mineral resources.

He highlighted concerns about “leakages” and “low repatriation of FX,” noting that the government is focused on ensuring that Ghanaians take charge of both extraction and trading, with proceeds returning to support the economy.

Despite acknowledging that many within the party are qualified for the role, Gyamfi described his appointment as a rare honour.

“So for me to have been given the opportunity was a rare privilege for which I am forever grateful to the president,” he said.

He added that his daily focus is to justify the trust placed in him.

“And every day when I wake up, my prayer is to work hard to justify the confidence he reposed in me and not to let him down.”

GoldBod added $3.8bn to formal gold exports

Meanwhile, a technical, independent report recently presented to GoldBod by economists from the University of Ghana (UG) and the University of Ghana Business School (UGBS)—Professor Festus Ebo Turkson, Professor Agyapomaa Gyeke-Dako, and economist Peter Junior Dotse—indicated that artisanal and small-scale mining (ASM) gold exports rose by 39.4 tons, increasing from 63.6 tons in 2024 to 103 tons in 2025.

According to the report, GoldBod had mitigated the rate at which gold was being smuggled out of Ghana; trading was now done officially through the proper channels, leading to an increase in the amount of foreign exchange flowing into the country. The benefits to the economy were much greater than the trading losses reported by the Bank of Ghana.

The report explained that each ton of gold was worth about US$96.5 million. Based on this value, the gold that was brought into the formal system was worth about US$3.8 billion in foreign currency.

This meant the benefits were 18 times greater than the US$214 million loss reported by the Bank of Ghana. In fact, the report stated that formalising just 2.2 tons of gold would have been enough to cover that loss.

Prof. Festus Ebo Turkson, one of the report’s authors, emphasised that “GoldBod converts illicit gold flows into formal FX, strengthens Ghana’s external position, and supports macroeconomic stability. Evidence shows it is a high-return policy intervention for the economy.”

The study also revealed that GoldBod’s initiatives reduced reliance on costly external borrowing. ASM exports facilitated by GoldBod in 2025 generated US$10.8 billion in FX inflows. Had Ghana borrowed equivalent funds externally at interest rates of 7–10%, it would have incurred annual interest costs of between US$756 million and US$1.08 billion.

Even when considering only the reduction in smuggling, the avoided annual interest costs ranged from US$266 million to US$380 million, creating a recurring economic benefit.