The Chief Executive Officer (CEO) of Ghana Gold Board (GoldBod), Sammy Gyamfi, has labelled as a “joke” recent calls by the Minority in Parliament for a bi-partisan probe into the recent losses of the state’s gold-buying firm.
An end-of-year report by the International Monetary Fund (IMF) indicated that GoldBod incurred losses of about GH¢3.3 billion with the Bank of Ghana absorbing the losses.
This, the Minority believes, should be a subject for investigations.
But writing on Facebook on Monday, December 29, the GoldBod CEO described the Minority’s assertions as “uninformed” and “unfounded”.
He has hinted at giving the full response on Monday, January 5, 2026, describing his post on Monday as only “a teaser”.
Find the post below:
SAMMY GYAMFI WRITES:
29/12/2025
Folks, as I have already served notice, I will effective Monday, 5th January, 2026 be responding and clarifying issues surrounding the IMF’s reported loss of $214 million under the Gold for Reserves (G4R) program of the Bank of Ghana, implemented in conjunction with the PMMC, now GoldBod.
But before that, I hear the Minority Caucus has today addressed a presser making several uninformed and unfounded claims.
So I thought it prudent to give you a teaser to nibble on as you enjoy the Yuletide.
Below are the LOSSES incurred by the Bank of Ghana from artisanal small-scale gold purchases under its Gold for Reserves (G4R) and Gold for Oil (G4O) programs since inception.
AUDITED LOSSES FROM ARTISANAL SMALL-SCALE GOLD PURCHASES UNDER THE DOMESTIC GOLD PURCHASE PROGRAM
2023 AUDITED LOSSES
G4O -GHS1.18Billion (gold component)
G4R – GHS973Million
Total losses – GHS2.15 billion.
2024 AUDITED LOSSES
G4O -GHS667.79 Million (gold component)
G4R – GHS4.18Billion
Total losses- GHS4.84Billion
2025 UNAUDITED LOSSES
G4O- discontinued
G4R- approximately GHS2.3 billion ($214 million) from January to September, according to the IMF.
This figure is unaudited.
NB: The NPP led by Kojo Oppong Nkrumah puts the 2025 G4R unaudited losses for 2025 at $300 million, which is equivalent to approximately GHS3.3 billion.
Now here is the interesting paradox; the NPP under whom the BoG made cumulative losses (2023-2024) of GHS7 billion under the G4O and G4R programs, is calling for a probe into how the BoG and GoldBod have reduced their losses to GHS3.3 billion. Lol!
What is even more revealing is that, when the BoG under the NPP in the years 2023 and 2024 made total G4O and G4R losses of GHS2.15 billion and GHS4.84 billion respectively, the Ghana cedi cumulatively depreciated against the U.S dollar by 27.8% in 2023 and 19.2% in 2022.
While inflation for 2023 and 2024 stood at 22.3% and 23.8% respectively.
Today in 2025, the NPP is complaining about the fact that the BoG working in conjunction with the GoldBod, has reduced their recurring G4R and G4O losses to GHS3.3 billion and yet, inflation has declined for 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar (the first time the cedi is appreciating since the year 2007).
What a joke!
Well, they say they want a probe. We welcome that probe.
Stay tuned for more from 5th January, 2026.
“JANDAM” can never win!