Sammy Gyamfi, the Chief Executive Officer of the Ghana Gold Board (GoldBod), has fired back at the minority in parliament over the IMF findings, which revealed the BoG-GoldBod made some $214m losses in their operations.
According to Sammy Gyamfi, the minority are a joke, but welcomes their calls for a probe into the activities of the Goldbod.
Sammy Gyamfi stated he was going to respond to issues surrounding the IMF’s reported loss of $214 million under the Gold for Reserves (G4R) program of the Bank of Ghana.
However, due to the Minority Caucus press conference and several uninformed and unfounded claims, he decided to give a teaser.
The Goldbod CEO further detailed the losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under its Gold for Reserves and Gold for Oil (G4O) programs since inception.
He wrote, “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”.
Sammy Gyamfi further called out the NPP minority in parliament, saying, “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”, his post concluded.
Sammy Gyamfi’s post follows, the Minority in Parliament, led by Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi, who are 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.
See the post below:
— Sammy Gyamfi (@SammyGyamfi_) December 29, 2025