The CEO of GoldBod, Sammy Gyamfi, has announced that he will begin responding to issues surrounding the reported losses under the Bank of Ghana’s Gold for Reserves (G4R) programme effective January 5, 2026. In a message posted on his official Facebook page, he stated:
“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.”
He explained that his clarification comes after the Minority Caucus addressed a press conference which, in his view, contained “several uninformed and unfounded claims.” Before releasing his full response, he shared what he described as a brief preview of the facts.
According to the figures he presented, audited losses recorded under artisanal small-scale gold purchases for both the Gold for Reserves (G4R) and Gold for Oil (G4O) programmes amounted to GHS 2.15 billion in 2023, comprising GHS 1.18 billion under G4O and GHS 973 million under G4R. In 2024, the losses increased to GHS4.84 billion, including GHS4.18 billion under G4R.
For 2025, the G4O programme was discontinued. The G4R programme, however, reportedly recorded approximately GHS2.3 billion ($214 million) in unaudited losses between January and September, based on IMF data. Sammy Gyamfi added that the NPP, represented by Kojo Oppong Nkrumah, puts the figure higher at “$300 million, which is equivalent to approximately GHS3.3 billion.”
He described the situation as contradictory, stating that the same NPP government under which the Bank of Ghana recorded cumulative losses of about GHS7 billion between 2023 and 2024 is now calling for a probe at a time losses have reduced. He wrote: “The NPP… is calling for a probe into how the BoG and GoldBod have reduced their losses to GHS3.3 billion. What a joke!”
Sammy Gyamfi also compared the economic conditions across the years. He indicated that during 2023 and 2024, when losses were higher, “the Ghana cedi cumulatively depreciated by 27.8% in 2023 and 19.2% in 2024, while inflation stood at 22.3% and 23.8% respectively.” He contrasted this with 2025, where he claims inflation has declined for eleven consecutive months and the cedi has appreciated by over 35 per cent.
Despite the criticism directed at GoldBod and the Bank of Ghana, he stated that he supports any official investigation. In his words, “Well, they say they want a probe. We welcome that probe.” He concluded by assuring the public that more details would be disclosed on January 5, 2026.
