In a strongly worded rebuttal to recent calls for a parliamentary probe into the Bank of Ghana’s (BoG) gold-buying programs, the Chief Executive Officer of the Ghana Gold Board (GoldBod),Lawyer b Sammy Gyamfi, has released a detailed comparative analysis of the nation’s gold-related fiscal performance.
Sammy Gyamfi, addressing the public via a statement issued on Monday, December 29,2025, characterized the Minority Caucus’s concerns over a reported $214 million loss as “uninformed and unfounded,” arguing that the current figures represent a significant improvement over the multi-billion cedi losses recorded in previous years.
To provide context to the current debate, the GoldBod CEO provided a year-on-year breakdown of losses incurred from artisanal small-scale gold purchases under the Gold for Reserves (G4R) and the now-discontinued Gold for Oil (G4O) programs.
Audited vs. Unaudited Losses (2023–2025)
Year Program Amount (GHS) Total Yearly Loss Status
2023 G4O (Gold) / G4R 1.18B / 973M GHS 2.15 Billion Audited
2024 G4O (Gold) / G4R 667.79M / 4.18B GHS 4.84 Billion Audited
2025 G4R (Jan–Sept) ~2.3B ($214M) GHS 2.3 Billion Unaudited (IMF)
According to Sammy Gyamfi, the NPP’s own estimates for 2025 place the loss higher at $300 million (approx. GHS 3.3 billion). Despite this, he pointed out a “glaring paradox”: the same political actors overseen by a period of GHS 7 billion in cumulative losses (2023–2024) are now demanding an inquiry into a period where losses have been slashed by more than half.
Central to Sammy Gyamfi’s defense is the correlation between these program costs and the broader health of the Ghanaian economy. He argued that unlike the “pointless” losses of previous years, the current expenditure has acted as a catalyst for a historic economic rebound.
Currency Performance: In 2023 and 2022, the Ghana Cedi suffered depreciations of 27.8% and 19.2%, respectively. In contrast, 2025 has seen the Cedi appreciate by over 35% against the U.S. Dollar—the first such appreciation since 2007.
Inflation Control: While inflation hovered between 22% and 24% during the 2023–2024 period, it has now plummeted to 6.3% following 11 consecutive months of decline.
“Today, the NPP is complaining that the BoG and GoldBod have reduced recurring losses to GHS 3.3 billion, yet inflation is at 6.3% and the Cedi is the strongest it has been in nearly two decades,” Gyamfi stated. “What a joke!”
A “Strategic Investment,” Not a Loss?
The GoldBod CEO maintained that the reported $214 million is an “accounting assessment” by the IMF rather than a sign of operational failure. He suggested that these costs are “strategic trade-offs” necessary to accumulate the record 36 tonnes of gold reserves currently held by the Bank of Ghana, which have provided the buffer needed to stabilize the national currency.
While the Bank of Ghana has previously labeled the IMF’s $214 million figure as “speculative” pending a final audit, Gyamfi welcomed the Minority’s call for a probe, expressing confidence that a formal inquiry would only further validate the current administration’s “JANDAM” strategy of economic revitalization.
The GoldBod CEO has served notice that a more comprehensive clarification and a series of “revelations” regarding the G4R program will be released starting Monday, January 5, 2026. Financial analysts expect this upcoming brief to address specific pricing formulas and the role of “off-taker fees” mentioned in the recent IMF Country Report.
