Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has said the Gold-for-Reserves (G4R) is being run by the Bank of Ghana (BoG).
According to Sammy Gyamfi, the Gold-for-Reserves programme is not an operation designed or owned by GoldBod.
He explained that Gold-for-Reserves accounts have always remained under the Bank of Ghana because it is a BoG-funded initiative.
Speaking on JoyNews’ Newsfile on Saturday, January 3, Mr Gyamfi explained, “The Gold-for-Reserves programme we have been running this year is a Bank of Ghana programme introduced in 2022.
“It is funded by the Bank of Ghana, and it has always sat in the books of the Bank of Ghana in 2022, 2023, and 2024, when the NPP was in power,” he stated.
“So where from this claim that it is the GoldBod that has made losses. An eight-month-old company now responsible for the losses of BoG?” he questioned.
He added, “That program, any loss under it is not attributable to an eight-month-old GoldBod, neither is it attributable to mismanagement or incompetence by the BoG. Dr Asiamah [BoG boss] is a hero; he and that wonderful team at BoG, they have not, through mismanagement or incompetence cause any loss”.
“So we are not saying we have not made a loss, but somebody has made a loss through mismanagement. No, that is the policy design, and it is so sad that those under whom the policy was introduced are now feeling ignorant about the policy objects and the policy design,” he added.
Sammy Gyamfi further debunked claims that the GoldBod made losses under the Gold-for-Reserves programme.
According to Sammy Gyamfi, the GoldBod ended 2025 with a strong financial surplus.
He added, “Has GoldBod made a loss? Emphatically no. The GoldBod, even though it is not a profit-making public operation, has not made any losses. The GoldBod for the year 2025 generated revenue to the tune of GHS960 million, a little over that. Our expenditure for the year 2025 stands below GHS120 million. These are all unaudited accounts.”
“…It is very clear that we will be declaring a surplus of GHS700, GHS800million to put it very conservatively.”
His comments follow, the International Monetary Fund (IMF), which has raised concerns over the reported losses of Goldbod.
The IMF described them as a potential risk to Ghana’s macroeconomic stability.
They further attributed the losses to transactions involving artisanal and small-scale mining, dore gold and referenced alleged “GoldBod off-taker fees.”
Also, the Minority in Parliament, led by Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi, is demanding a bipartisan parliamentary probe into BoG-GoldBod $214m loss.
Addressing journalists in Accra on Monday, December 29, Kojo Oppong Nkrumah called for a bipartisan investigation into the operation of Goldbod.
He stated that a parliamentary ad-hoc committee should conduct a bipartisan investigation into all contracts, licenses, intermediaries, and related entities of the Goldbod.
He further noted that Ghana has lost $214 million, heading to $300million under the Bank of Ghana and the Ghana Gold Board and urged the committee to call on the two institutions to disclose their fee structures, pricing formulas, aggregator selection criteria, and foreign exchange arrangements.
Speaking to journalists in Accra, Kojo Oppong Nkrumah stated, “We are demanding the following: a bipartisan parliamentary inquiry into the circumstances under which the Republic of Ghana has lost $214 million, heading to $300million, to be done here by the parliament of Ghana. We are asking for a parliamentary ad hoc investigative committee with the power to subpoena all contracts, licences, intermediaries, including this power rock monopoly.
“Under this bipartisan enquiry, we will be expecting the BoG and the GoldBod to publish the fee structure, the pricing formula, the aggregator selecting criteria and all foreign exchange arrangements that they have tied to this scheme, which has led to this loss.
“…One of the things we will be asking for is the suspension of permits in forest reserves and the introduction of serious measures on traceability because, as at now, we have every reason to believe that state money is being used to buy Galamsey gold…Where negligence or corruption is proven, prosecutions must follow, and all recoverable funds must be given back to the state,” Nkrumah stated.