By Sarah Baafi
GoldBod CEO Sammy Gyamfi fired back at the Minority Caucus on Monday, December 29, dismissing their demand for a bipartisan probe into reported $214 million losses under the Gold for Reserves (G4R) programme as “uninformed and unfounded,” while revealing audited losses of GHS7 billion from 2023-2024 under the previous NPP administration.
In a detailed Facebook post, Gyamfi promised a full response on January 5, 2026, but offered a “Yuletide teaser” breaking down the Bank of Ghana’s losses from artisanal small-scale gold purchases under G4R and Gold for Oil (G4O) programmes. He listed 2023 audited losses at GHS2.15 billion (G4O: GHS1.18bn, G4R: GHS973m) and 2024 at GHS4.84 billion (G4O: GHS667.79m, G4R: GHS4.18bn), totalling GHS7 billion.
Gyamfi highlighted the “paradox” that the NPP, under whose watch these massive losses occurred, is now criticising 2025’s unaudited GHS2.3 billion ($214m per IMF, or GHS3.3bn/$300m per Oppong Nkrumah) as the Minority demands investigation and possible prosecution of BoG Governor and GoldBod CEO.
He contrasted economic performance, noting the cedi depreciated 27.8% in 2023 and 19.2% in 2024 amid 22.3% and 23.8% inflation rates under NPP, versus 2025’s 35% cedi appreciation the first since 2007 and inflation dropping from 23.8% to 6.3% over 11 months under the current administration.
“We welcome that probe,” Gyamfi concluded sarcastically, accusing the Minority of hypocrisy over reduced losses and improved macro indicators.
The post follows Ofoase Ayirebi MP ,Kojo Oppong Nkrumah’s press conference demanding accountability for the IMF-flagged losses, which he attributed to structural flaws in GoldBod’s operations where miners receive market rates but BoG buys dollars at weaker interbank rates.
