The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has challenged claims by the Minority in Parliament regarding a reported $214 million loss under the Bank of Ghana’s Gold-for-Reserves (G4R) programme, noting that losses have declined significantly compared to previous years.
The remarks come in response to the New Patriotic Party (NPP) Minority’s call for a bipartisan parliamentary inquiry into the reported losses, citing concerns raised by the IMF and demanding full disclosure from both the Bank of Ghana and GoldBod on pricing, fees, and procurement procedures.
In a statement issued on December 29, 2025, Gyamfi said he will provide a detailed response to the IMF’s figures and related public commentary starting Monday, January 5, 2026. Meanwhile, he released preliminary data to counter what he described as “uninformed and unfounded claims” made by the Minority.
According to Gyamfi, audited 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.
- In 2023, losses totaled 2.15 billion cedis, with 1.18 billion cedis from G4O and 973 million cedis from 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, Gyamfi stated that the G4O programme has been discontinued. Unaudited IMF figures indicate losses of about 2.3 billion cedis (equivalent to $214 million) under G4R between January and September, while the Minority has estimated the figure at $300 million (≈3.3 billion cedis).
Gyamfi questioned why the Minority, led by Kojo Oppong Nkrumah, is demanding a parliamentary investigation now, despite cumulative losses of about 7 billion cedis recorded in 2023 and 2024 under the previous administration.
He also highlighted broader economic trends, noting that earlier losses coincided with sharp depreciation of the cedi and high inflation—27.8% depreciation in 2023, 19.2% in 2022, and inflation rates of 22.3% in 2023 and 23.8% in 2024. By contrast, in 2025, despite the reported G4R losses, inflation has fallen for 11 consecutive months from 23.8% to 6.3%, and the cedi has appreciated by more than 35% against the US dollar, marking the first sustained appreciation since 2007.
Gyamfi affirmed that GoldBod welcomes the parliamentary probe and is ready to fully cooperate with any investigation. He added that further clarifications on the IMF report and the gold purchase programmes would be provided in the coming days.
