In a social media post on Monday, December 29, the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, dismissed claims by the Minority in Parliament over a reported $214 million loss under the Bank of Ghana’s (BoG) Gold-for-Reserves (G4R) programme.
He described the allegations as “uninformed and unfounded” and provided context on the programme’s audited and unaudited losses since inception.
Mr. Gyamfi, who announced that a detailed clarification would be provided from Monday, January 5, 2026, highlighted historical data showing that cumulative losses under the G4R and Gold-for-Oil (G4O) programmes were significantly higher in previous years.
According to the CEO, audited losses stood at GHS2.15 billion in 2023 and GHS4.84 billion in 2024.
He also addressed the 2025 unaudited G4R losses, which the IMF has reported at approximately $214 million (around GHS2.3 billion) from January to September, noting that the figure cited by the Minority—$300 million—is overstated.
“What is even more revealing,” Mr. Gyamfi wrote, “is that when the BoG under the NPP in 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 2024, while inflation stood at 22.3% and 23.8% for the two years.”
He contrasted this with the current period, stating that the BoG and GoldBod have successfully reduced losses to GHS3.3 billion (according to the Minority’s figures), while inflation has fallen for 11 consecutive months from 23.8% to 6.3%, and the cedi has appreciated cumulatively by over 35% against the U.S. dollar—the first such appreciation since 2007.
Mr. Gyamfi dismissed calls for an immediate probe as “a joke,” but indicated that the institutions welcome any formal investigation, reaffirming that detailed responses and clarifications will be shared from January 5, 2026.
