Sammy Gyamfi, Chief Executive Officer of GoldBod, has rejected claims that the current government is attempting to “equalise” losses under Ghana’s Gold-for-Reserves (G4R) programme, describing the accusations from the Minority in Parliament as hypocritical and misleading.
In a Facebook post on Monday, Mr Gyamfi pushed back strongly against calls for a parliamentary probe into a reported $214 million loss under the programme, insisting that comparisons being drawn by the Minority ignore what he called significantly larger losses recorded under the previous administration.
“Equalization? Never, no one is equalizing,” he wrote, arguing that the facts show improved performance under the current arrangement.
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Mr Gyamfi said that in 2024, the Bank of Ghana (BoG), under the New Patriotic Party (NPP) government, purchased just 45 tonnes of artisanal and small-scale mining (ASM) gold through aggregators, including the Precious Minerals Marketing Company (PMMC) and Red Sapphire.
According to him, gold prices at the time were below $2,800 per ounce, yet the central bank still recorded an audited loss of GHS4.18 billion under the ASM gold purchase programme.
By contrast, he noted that in 2025, under the National Democratic Congress (NDC) administration, the BoG has so far purchased 102 tonnes of ASM gold — more than double the 2024 volume — through PMMC and GoldBod, at a time when gold prices have surged to over $4,400 per ounce. Despite this, he said the reported loss stands at GHS3.3 billion, which he stressed remains “unaudited and unverified.”
“The NPP Minority Caucus is now crying foul that the BoG and GoldBod have made a much lesser loss… despite buying a far larger volume of ASM gold at higher prices,” Mr Gyamfi stated.
“When you remind them of the much bigger losses… when they were in power, they say you are equalising. No, we are not equalising at all. We are simply exposing your hypocrisy and deliberate mischief.”
The comments come amid mounting political controversy over the Gold-for-Reserves programme, which was introduced by the Bank of Ghana to shore up foreign exchange reserves, reduce pressure on the cedi, and limit reliance on foreign currency purchases.
The Minority in Parliament has called for a bipartisan ad-hoc parliamentary investigation into the programme, citing concerns over transparency, accountability, pricing mechanisms, intermediaries, and environmental governance linked to ASM gold sourcing.
Mr Gyamfi also questioned the basis on which the programme is being assessed, arguing that it was never intended to be profit-making. “Is the Gold for Reserve Program a profit-making program or a forex-generation program?” he asked.
“Fact is, it is a forex-generation program and not a profit-making program. You don’t assess the success of a non-profit monetary policy initiative based on profit and loss but rather, on its broad economic impact.”
He further challenged the Minority to explain why, if profitability was the goal, the BoG under the NPP bought gold at spot prices between 2023 and 2024 and still failed to make profits over the two years.
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