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.
Read also: Minority calls for bipartisan committee to probe loss of $214m gold trade loss
“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:
29/12/2025Folks, 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¢4.84Billion2025 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!
