Chief Executive Officer of the Ghana Gold Board GOLDBOD), Sammy Gyamfi Esq, has announced plans to formally clarify issues surrounding the International Monetary Fund’s reported US$214 million loss under the Bank of Ghana’s Gold for Reserves (G4R) programme, following accusations by the Minority in Parliament.
In a statement posted Mr. Gyamfi’s official Facebook page, on Monday, ahead of a prospective comprehensive response on January 5, 2026, to the Minority titled “a teaser to nibble on as you enjoy the Yuletide” the GOLDBOD CEO refuted what he described as “uninformed and unfounded claims” made by the Minority Caucus at a press conference earlier today.
The Minority, led by Ofoase-Ayirebi MP Kojo Oppong Nkrumah, accused GoldBod and the Bank of Ghana of downplaying what it insists are real and already incurred losses linked to gold trading arrangements, warning against attempts to present the figures as speculative or potential risks.
Reacting to the claims, Sammy Gyamfi released audited and unaudited losses incurred by the Bank of Ghana from artisanal and small-scale gold purchases under the Gold for Oil (G4O) and G4R programmes since their inception.
According to the figures he cited, audited losses for 2023 stood at GH¢1.18 billion under the gold component of G4O and GH¢973 million under G4R, bringing total losses for that year to GH¢2.15 billion. For 2024, audited losses were GH¢667.79 million under G4O and GH¢4.18 billion under G4R, amounting to GH¢4.84 billion.
For 2025, Sammy Gyamfi noted that G4O had been discontinued, while unaudited losses under G4R were estimated by the IMF at approximately GH¢2.3 billion (US$214 million) from January to September. He added that the Minority has placed the 2025 unaudited losses at US$300 million, equivalent to about GH¢3.3 billion.
Describing the situation as paradoxical, Mr Gyamfi argued that the same administration under which the Bank of Ghana recorded cumulative losses of about GH¢7 billion between 2023 and 2024 is now demanding a probe after losses have, in his view, been reduced.
He further contrasted the loss figures with broader macroeconomic indicators, noting that during 2023 and 2024, the cedi depreciated cumulatively by 27.8 per cent and 19.2 per cent respectively, while inflation stood at 22.3 per cent in 2023 and 23.8 per cent in 2024.
By contrast, he said in 2025, inflation has declined for 11 consecutive months, falling from 23.8 per cent to 6.3 per cent, while the Ghana cedi has appreciated cumulatively by over 35 per cent against the US dollar, marking the first sustained appreciation since 2007.
“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 (according to the NPP) 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.” part of the statement read.
The Minority has maintained that explanations offered so far do not adequately address the IMF’s findings and has called for greater transparency and accountability in the management of Ghana’s gold trading programmes.
