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The CEO of GoldBod, Mr. Sammy Gyamfi, stated he will respond to claims regarding alleged losses related to Ghana’s gold for reserve initiative on January 5, 2026.
A statement on social media on Monday, [December 29, 2025], addressed a press conference held by the Minority Caucus in Parliament, which warned that the state could potentially lose nearly $300 million from the programme by year’s end.
Mr. Gyamfi stated that his remarks would tackle concerns stemming from the International Monetary Fund’s reported loss of $214 million in the Gold for Reserves initiative, currently being executed by the Bank of Ghana along with GoldBod, previously known as the Precious Minerals Marketing Company.
“As I have already served notice, I will effective Monday, January, 5, 2026 be responding and clarifying issues surrounding the IMF’s reported loss of $214 million,” Mr Gyamfi wrote.
Mr. Gyamfi stated that after the Minority Caucus made statements at a news conference on Monday that he believed did not accurately represent the situation, he made the decision to share what he called preliminary data.
Read the full post on his Facebook wall below
Folks, as I have already served notice, I will effective Monday, 5th January, 2026 be responding and clarifying issues surrounding the IMF’s reported loss of $214 million under the Gold for Reserves (G4R) program of the Bank of Ghana, implemented in conjunction with the PMMC, now GoldBod.
But before that, I hear the Minority Caucus has today addressed a presser, making several uninformed and unfounded claims.
So I thought it prudent to give you a teaser to nibble on as you enjoy the Yuletide.
Below are the LOSSES incurred by the Bank of Ghana from artisanal small-scale gold purchases under its Gold for Reserves (G4R) and Gold for Oil (G4O) programs since inception.
AUDITED LOSSES FROM ARTISANAL SMALL-SCALE GOLD PURCHASES UNDER THE DOMESTIC GOLD PURCHASE PROGRAM
2023 AUDITED LOSSES
- G4O -GH¢1.18Billion (gold component)
- G4R – GH¢973Million
Total losses – GH¢2.15 billion.
2024 AUDITED LOSSES - G4O -GH¢667.79 Million (gold component)
- G4R – GH¢4.18Billion
Total losses- GH¢4.84Billion
2025 UNAUDITED LOSSES
* G4O- discontinued
* G4R- approximately GH¢2.3 billion ($214 million) from January to September, according to the IMF. This figure is unaudited.
NB: The NPP led by Kojo Oppong Nkrumah puts the 2025 G4R unaudited losses for 2025 at $300 million, which is equivalent to approximately GH¢3.3 billion.
Now here is the interesting paradox; the NPP under whom the BoG made cumulative losses (2023-2024) of GH¢7 billion under the G4O and G4R programs, is calling for a probe into how the BoG and GoldBod have reduced their losses to GH¢3.3 billion. Lol!
What is even more revealing is that, when the BoG under the NPP in the years 2023 and 2024 made total G4O and G4R losses of GH¢2.15 billion and GH¢4.84 billion respectively, the Ghana cedi cumulatively depreciated against the U.S dollar by 27.8% in 2023 and 19.2% in 2022. While inflation for 2023 and 2024 stood at 22.3% and 23.8% respectively.
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 GH¢3.3 billion 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.
“JANDAM” can never win!
Read the full post on Facebook wall below:
Source: Ghanatodayonline.com
