GoldBod CEO Sammy Gyamfi Rebuts Minority’s Claims on BoG Gold Losses

Chief Executive Officer of GoldBod, Sammy Gyamfi, has dismissed accusations from the Minority Caucus regarding losses under the Bank of Ghana’s Gold for Reserves (G4R) program, insisting that the initiative is a forex-generation policy rather than a profit-making venture.

In a Facebook post, Gyamfi rejected suggestions that he was “equalizing” past losses under the New Patriotic Party (NPP) administration, arguing instead that he was exposing what he described as “hypocrisy and deliberate mischief.”

Key Points from Gyamfi’s Statement

1. 2024 Purchases Under NPP:
   • BoG bought 45 tonnes of artisanal small-scale (ASM) gold through PMMC and Red Sapphire.
   • Gold prices stood below $2,800 per ounce.
   • The program recorded an audited loss of GHS4.18 billion.
2. 2025 Purchases Under NDC:
   • BoG, working with PMMC/GoldBod, purchased 102 tonnes of ASM gold, worth over $10 billion.
   • Gold prices had surged to over $4,400 per ounce.
   • Reported losses stood at GHS3.3 billion (unaudited), significantly lower despite higher volumes and prices.
3. Minority’s Position:
   • The NPP Minority Caucus has called for a probe into how losses were reduced under the current administration.
4. Gyamfi’s Rebuttal:
   • He argued that the BoG under the NPP incurred larger losses in 2023 and 2024, despite buying smaller volumes at lower prices.
   • He stressed that the G4R program is designed to generate foreign exchange reserves, not profits.
   • “You don’t assess the success of a non-profit monetary policy initiative on the basis of profit and loss but rather, on its broad economic impact,” Gyamfi stated.
5. Criticism of NPP:
   • Gyamfi questioned why the BoG under the NPP bought gold at spot prices between 2023–2024 if profitability was the goal.
   • He noted that the NPP failed to make profits under the program during its tenure.

Gyamfi maintained that the current administration has achieved greater efficiency in gold purchases, reducing losses while securing higher volumes at record prices. He reiterated that the G4R program should be judged by its impact on Ghana’s currency stability and foreign reserves, not by profit margins.