Fact-Check: GoldBod CEO’s Claim on Ghana’s 2016 International Reserves is FALSE

By Life Pulse Daily Fact-Check Team | Updated: December 25, 2025

In a recent media statement addressing concerns over the Bank of Ghana’s Gold-for-Reserves programme, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, made a bold assertion regarding the country’s economic history. He claimed that Ghana’s gross international reserves had risen from $9 billion in 2016 to a record high of approximately $12 billion in 2025.

While the growth of reserves is a critical indicator of economic health, the baseline figure used for this comparison is essential for accuracy. Life Pulse Daily has subjected this claim to rigorous verification using official data from the Bank of Ghana (BoG). Our findings reveal a significant discrepancy between the stated figures and historical economic records.

Introduction

The management of Ghana’s foreign exchange reserves is a hot-button topic, particularly in the context of the country’s engagement with the International Monetary Fund (IMF). Recently, GoldBod CEO Sammy Gyamfi issued a statement defending the institution’s role in bolstering the Central Bank’s reserves. In this defense, he utilized a historical comparison to illustrate the progress made since 2016.

The claim in question is: “Ghana’s gross international reserves had higher from $9 billion in 2016 to a record high of about $12 billion in 2025.”

This fact-check focuses on the accuracy of the 2016 baseline figure. Verifying historical economic data is crucial for policymakers, investors, and the general public to understand the true trajectory of the nation’s economy. We analyzed published reports by the Bank of Ghana to determine the true state of reserves in 2016.

Key Points

Background

Context of the Statement

The controversy stems from an IMF review regarding the Bank of Ghana’s “Gold-for-Reserves” programme. Reports indicated that trading losses and off-taker fees had impacted the program’s profitability. In response, the GoldBod CEO issued a media release to clarify the board’s contributions to the national economy.

Importance of International Reserves

Gross International Reserves (GIR) represent the total foreign currency assets held by a central bank. These reserves are vital for:

• Backing the local currency (the Cedi).
• Financing international trade.
• Maintaining confidence in the economy.
• Meeting external debt obligations.

Accurate reporting of these figures is essential, especially when Ghana is under an IMF program, as reserve accumulation targets are often key performance indicators for such agreements.

Analysis

Verifying the 2016 Baseline

To verify the claim, Life Pulse Daily reviewed the Bank of Ghana’s Summary of Economic and Financial Data for December 2016. This document is the standard reference for macroeconomic data used by financial analysts and government agencies.

The data shows that at the end of December 2016, Ghana’s gross international reserves stood at US$4.86 billion.

Corroboration of Data

To ensure the accuracy of our findings, we cross-referenced this data point with the Bank of Ghana’s 2016 Annual Report. This official publication, which provides a comprehensive review of the central bank’s operations for the year, confirms the reserve balance of $4.86 billion.

The consistency across two distinct and authoritative publications from the Bank of Ghana provides indisputable confirmation that the reserves were significantly lower than the $9 billion figure cited by the GoldBod CEO.

The Magnitude of the Error

The discrepancy between the claimed $9 billion and the actual $4.86 billion is not merely a rounding error; it represents a variance of roughly 85%. Stating that reserves started at $9 billion artificially inflates the economic baseline, potentially altering the perception of the growth rate achieved in subsequent years.

Practical Advice

For readers looking to verify economic claims made by public officials or media outlets, we recommend the following steps:

• Consult Primary Sources: Always look for the original data from the issuing institution. In the case of monetary data, the Bank of Ghana website is the primary source.
• Look for the “Summary of Economic and Financial Data”: This monthly publication is the quickest way to find historical benchmarks for reserves, inflation, and GDP.
• Check Consistency: Compare the claim against multiple reports (e.g., Annual Reports vs. Monthly Summaries) to ensure the data point is consistent.
• Understand the Terminology: Distinguish between Gross International Reserves (total foreign assets) and Net International Reserves (total assets minus short-term liabilities), as figures can vary depending on the metric used.

FAQ

Conclusion

The claim by GoldBod CEO Sammy Gyamfi that Ghana’s international reserves stood at $9 billion in 2016 is FALSE.

Official data from the Bank of Ghana’s Summary of Economic and Financial Data and the 2016 Annual Report confirm that the actual figure was $4.86 billion. While the subsequent growth to $12 billion in 2025 represents a significant accumulation of foreign assets, the historical baseline used to contextualize this growth was overstated by approximately $4.14 billion.