The Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, has announced that he will, from Monday, 5th January 2026, begin a detailed response to issues surrounding the International Monetary Fund’s (IMF) reported $214 million loss under the Gold for Reserves (G4R) programme of the Bank of Ghana (BoG).
Mr. Gyamfi, however, has issued an early rebuttal following a press conference by the Minority Caucus, which he described as replete with uninformed and unfounded claims regarding the domestic gold purchase programmes implemented by the Bank of Ghana in collaboration with the Precious Minerals Marketing Company (PMMC), now restructured as GoldBod.
Also Read
Providing what he termed a “teaser” ahead of his full response, the GoldBod CEO released audited and unaudited figures detailing losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes since their inception.
Audited Losses – 2023
G4O (gold component): GHS1.18 billion
G4R: GHS973 million
Total: GHS2.15 billion
Audited Losses – 2024
G4O (gold component): GHS667.79 million
G4R: GHS4.18 billion
Total: GHS4.84 billion
Unaudited Losses – 2025
G4O: Discontinued
G4R: Approximately GHS2.3 billion ($214 million) from January to September, based on IMF estimates (unaudited)
Mr. Gyamfi noted that the New Patriotic Party (NPP) has, however, placed the unaudited 2025 G4R losses at $300 million, equivalent to about GHS3.3 billion.
Describing the opposition’s posture as contradictory, the GoldBod CEO questioned why the NPP—under whose administration the Bank of Ghana recorded cumulative losses of about GHS7 billion between 2023 and 2024 under the G4O and G4R programmes—is now demanding a probe after losses have reportedly declined.
He further highlighted the broader macroeconomic context, stating that during 2023 and 2024, when losses were highest, the Ghana cedi depreciated cumulatively by 27.8% and 19.2% respectively, while inflation stood at 22.3% in 2023 and 23.8% in 2024.
In contrast, Mr. Gyamfi said that in 2025, despite the opposition’s claimed GHS3.3 billion losses, inflation had declined for 11 consecutive months—from 23.8% to 6.3%—while the Ghana cedi had cumulatively appreciated by over 35% against the US dollar, marking the first sustained appreciation since 2007.
Responding to calls for a formal investigation, the GoldBod CEO said he welcomes any probe, insisting that the facts will vindicate the reforms undertaken by the Bank of Ghana in partnership with GoldBod.
He urged the public to await his comprehensive briefing scheduled to commence on 5th January, 2026, stressing that attempts to politicise the issue will not succeed.
