The CEO of the Goldbod, Sammy Gyamfi, has defended the Bank of Ghana’s Gold for Reserves (G4R) programme, insisting that losses under the initiative have significantly reduced compared to previous years under the New Patriotic Party (NPP).
In a Facebook post on Monday , 29th December 2025 , Mr Gyamfi said he would, from Monday, January 5, 2026, begin responding to and clarifying issues surrounding the International Monetary Fund’s (IMF) reported $214 million loss under the G4R programme, which was implemented by the Bank of Ghana in collaboration with the Precious Minerals Marketing Company (PMMC), now GoldBod.
He noted that his decision to speak ahead of that date was prompted by what he described as “uninformed and unfounded claims” made by the Minority Caucus at a press conference earlier in the day.
As a “teaser”, Mr Gyamfi outlined what he said were audited losses incurred by the Bank of Ghana from artisanal and small-scale gold purchases under the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes since their inception.
According to him, in 2023, audited losses amounted to GHS1.18 billion under G4O (gold component) and GHS973 million under G4R, bringing total losses for the year to GHS2.15 billion.
For 2024, he said audited losses stood at GHS667.79 million under G4O and GHS4.18 billion under G4R, with total losses of GHS4.84 billion.
Touching on 2025, Mr Gyamfi stated that the G4O programme had been discontinued, while unaudited losses under G4R from January to September were estimated by the IMF at approximately GHS2.3 billion ($214 million). He added that the NPP, however, puts the 2025 unaudited G4R losses at $300 million, equivalent to about GHS3.3 billion.
Describing the situation as a paradox, Mr Gyamfi criticised the NPP for calling for a probe into the programme, despite what he said were cumulative losses of about GHS7 billion recorded under the party’s administration in 2023 and 2024.
He further argued that the high losses in those years coincided with sharp economic challenges, including cumulative cedi depreciation of 27.8 per cent in 2023 and 19.2 per cent in 2022, as well as inflation rates of 22.3 per cent in 2023 and 23.8 per cent in 2024.
By contrast, he said in 2025, losses under the G4R programme had reduced, while inflation had declined for 11 consecutive months from 23.8 per cent to 6.3 per cent, and the Ghana cedi had appreciated by over 35 per cent against the US dollar—an occurrence he described as the first since 2007.
Mr Gyamfi said the NDC welcomes calls for a probe into the programme and promised further details from January 5, 2026.
He ended his post with the declaration: “JANDAM can never win!”
