Sammy Gyamfi: I’ll respond, clarify issues surrounding IMF’s reported loss of $214 million under Gold for Reserves on Jan 5

The Chief Executive Officer of GoldBod, Mr Sammy Gyamfi, has said he will address allegations surrounding reported losses under Ghana’s gold for reserve programme on January 5, 2026.

In a statement posted on social media on Monday, [December, 29, 2025], in response to a press conference by the Minority Caucus in Parliament that stated that the state risks losing close to $300 million under the programme by the end of the year.

Mr Gyamfi said his statement would address issues arising from the International Monetary Fund’s reported loss of $214 million under the Gold for Reserves programme, which is being implemented by the Bank of Ghana with GoldBod, formerly 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 said he decided to release what he described as preliminary figures after the Minority Caucus addressed a press conference on Monday, during which it made claims he said did not reflect the full picture.

Below is a full copy of the response

SAMMY GYAMFI WRITES:
29/12/2025

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 -GHS1.18Billion (gold component)
* G4R – GHS973Million
Total losses – GHS2.15 billion. 
 
2024 AUDITED LOSSES
* G4O -GHS667.79 Million (gold component)
* G4R – GHS4.18Billion
Total losses- GHS4.84Billion

2025 UNAUDITED LOSSES
* G4O- discontinued 
* G4R- approximately GHS2.3 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 GHS3.3 billion. 

Now here is the interesting paradox; the NPP under whom the BoG made cumulative losses (2023-2024) of GHS7 billion under the G4O and G4R programs, is calling for a probe into how the BoG and GoldBod have reduced their losses to GHS3.3 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 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 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 GHS3.3 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!