Chief Executive Officer of GoldBod, Sammy Gyamfi, has announced that he will formally respond on January 5, 2026 to issues surrounding the International Monetary Fund’s (IMF) reported loss of $214 million under the Bank of Ghana’s Gold for Reserves (G4R) program.
In a Facebook post, Gyamfi criticized the Minority Caucus for what he described as “uninformed and unfounded claims” made at a press conference earlier today. He provided what he called a “teaser” of audited and unaudited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under the G4R and Gold for Oil (G4O) programs.
Breakdown of Reported Losses
- 2023 (Audited)
- G4O: GHS1.18 billion (gold component)
- G4R: GHS973 million
- Total: GHS2.15 billion
- 2024 (Audited)
- G4O: GHS667.79 million (gold component)
- G4R: GHS4.18 billion
- Total: GHS4.84 billion
- 2025 (Unaudited)
- G4O: discontinued
- G4R: approx. GHS2.3 billion ($214 million), according to IMF
- NB: The NPP, led by Kojo Oppong Nkrumah, estimates losses at $300 million (approx. GHS3.3 billion).
Gyamfi argued that while the Bank of Ghana under the NPP administration recorded cumulative losses of GHS7 billion between 2023 and 2024, the current partnership with GoldBod has reduced losses to GHS3.3 billion in 2025.
He highlighted what he termed a “paradox,” noting that during the NPP-led period of higher losses, the Ghana cedi depreciated by 27.8% in 2023 and 19.2% in 2024, while inflation stood at 22.3% and 23.8% respectively.
By contrast, Gyamfi pointed out that in 2025, inflation has declined for 11 consecutive months, dropping from 23.8% to 6.3%, while the cedi has appreciated by over 35% against the U.S. dollar—the first time the currency has strengthened since 2007.
Gyamfi promised to provide a detailed clarification on January 5, 2026, addressing the IMF’s figures and the Minority’s claims.
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