The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has refuted allegations of financial mismanagement concerning the Bank of Ghana’s gold programmes.
In a statement issued on December 29, 2025, he characterised the Minority’s recent press conference as riddled with “uninformed and unfounded claims”.
Mr Gyamfi announced that a comprehensive, formal response to the IMF’s reported $214 million loss under the Gold for Reserves (G4R) programme will be provided on January 5, 2026.
He presented a breakdown of audited and unaudited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases since 2023.
According to the data provided, the programmes—Gold for Oil (G4O) and Gold for Reserves (G4R)—incurred significantly higher losses under the previous NPP-led administration compared to current figures. A comparative loss breakdown was provided as follows: | 2023 | G4O & G4R | 2.15 Billion | Audited | | 2024 | G4O & G4R | 4.84 Billion | Audited | | 2025 | G4R | 3.3 Billion ($300M)* | Unaudited |. Mr Gyamfi remarked,
“The NPP, under which the BoG made cumulative losses of GHS 7 billion in 2023-2024, is now calling for a probe into how the BoG and GoldBod have reduced those losses to GHS 3.3 billion,” labelling the call for an investigation “a joke”.
The GoldBod CEO further contrasted the current financial climate with that of the previous two years and welcomed calls for an investigation into the $214 million figure cited by the IMF, maintaining that the current administration has successfully discontinued the G4O programme and significantly reduced recurring losses.
Read the full statement below .
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 (according to the NPP) 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!
By: Rainbowradioonline.com/Ghana
