Sammy Gyamfi slams minority over BoG loss claims, welcomes probe

The Chief Executive Officer (CEO) of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged claims by the Minority in Parliament over the reported 214 million dollar loss under the Bank of Ghana’s Gold-for-Reserves programme, arguing that losses under the scheme have reduced significantly compared to previous years.
This follows the New Patriotic Party (NPP) Minority call for a bipartisan parliamentary inquiry into the reported losses, citing concerns raised by the IMF and demanding full disclosure from the Bank of Ghana and GoldBod on pricing, fees, and procurement arrangements.

In a statement issued on December 29, 2025, Mr. Gyamfi said he would begin a detailed response to the International Monetary Fund’s reported figures and related public commentary from Monday, January 5, 2026. However, he released preliminary data to address what he described as “uninformed and unfounded claims” made by the Minority Caucus.

According to Mr. Gyamfi, audited financial records show that the Bank of Ghana recorded substantial losses from artisanal and small-scale gold purchases under both the Gold-for-Reserves (G4R) and Gold-for-Oil (G4O) programmes in 2023 and 2024.

He stated that in 2023, losses amounted to 2.15 billion cedis, made up of 1.18 billion cedis from the gold component of the G4O programme and 973 million cedis under G4R. In 2024, audited losses rose to 4.84 billion cedis, including 667.79 million cedis under G4O and 4.18 billion cedis under G4R.

For 2025, Mr. Gyamfi said the G4O programme had been discontinued, while unaudited figures cited by the IMF indicate losses of about 2.3 billion cedis, equivalent to 214 million dollars, under the G4R programme between January and September. He noted that the Minority has put the estimated 2025 losses at 300 million dollars, or about 3.3 billion cedis.

Mr. Gyamfi questioned why the Minority, led by Kojo Oppong Nkrumah, is demanding a parliamentary probe now, despite what he described as much higher cumulative losses of about 7 billion cedis recorded under the previous administration in 2023 and 2024.

He also pointed to broader economic indicators, saying the earlier losses coincided with sharp depreciation of the cedi and high inflation. According to him, the cedi depreciated by a cumulative 27.8 percent in 2023 and 19.2 percent in 2022, while inflation stood at 22.3 percent in 2023 and 23.8 percent in 2024.

By contrast, Mr. Gyamfi said that in 2025, despite the reported G4R losses, inflation has fallen for 11 consecutive months from 23.8 percent to 6.3 percent, while the cedi has appreciated by more than 35 percent against the US dollar, the first sustained appreciation since 2007.

He said GoldBod welcomes calls for a probe and is ready to fully cooperate with any investigation. Mr. Sammy Gyamfi added that further clarifications on the IMF report and the gold purchase programmes would be provided in the coming days.

Source: citinewsroom