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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has said he will formally respond on January 5, 2026, to claims that Ghana recorded losses under its Gold for Reserves (G4R) programme.
Gyamfi, in a statement posted on Facebook on Monday, said his response would address concerns raised by reports linking the programme to losses of $214 million.
“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) programme,” Gyamfi said.
The crisis follows a report by the International Monetary Fund (IMF) that said losses under the G4R programme had reached $214 million in the first nine months of 2025.
“In 2025 through end Q3, losses from the artisanal and small-scale (ASM) doré gold transactions component of G4R have reached US$214 million, mostly on trading losses but also on GoldBod off-takers’ fees,” according to the IMF’s Fifth Review of Ghana’s three-year Extended Credit Facility programme report published on December 17, 2025.
In a separate post on X on Tuesday, Gyamfi criticised the New Patriotic Party (NPP) Minority Caucus in Parliament for selective criticism of the programme.
He said that in 2024, when the NPP was in government, the Bank of Ghana bought 45 tonnes of ASM gold at prices below $2,800 per ounce and recorded an audited loss of GHS4.18 billion.
By contrast, Gyamfi said that in 2025, under the current administration, the Bank of Ghana purchased 102 tonnes of ASM gold, worth more than $10 billion, at a time when gold prices had risen above $4,400 per ounce.
He said the NPP Minority is now “crying foul that the BoG and GoldBod have made a much lesser loss of GHS3.3 billion,” which he described as “unaudited and unverified,” despite buying a far larger volume of ASM gold at higher prices.
“They want a probe into how we have reduced their losses under the G4R programme,” Gyamfi wrote.
“When you remind them of the much bigger losses the BoG incurred under the same G4R programme in 2023 and 2024 when they, the NPP, were in power, despite buying relatively lesser volumes of ASM gold and at relatively lower prices, they say you are equalising.
“No, we are not equalising at all. We are simply exposing your hypocrisy and deliberate mischief. ”
Gyamfi stressed that the Gold for Reserves programme is designed to generate foreign exchange and strengthen Ghana’s reserves, not to operate as a profit-making venture.
He said the programme should be judged by its broader economic impact rather than profit and loss figures alone.
“If profit is the ultimate goal of the G4R programme, why was the BoG under the NPP buying gold at spot prices between 2023 and 2024 as a government policy?
“If profit is the ultimate goal for the G4R programme, why weren’t the BoG able to make profit under same under the NPP in two years (2023-2024)? Hypocrisy at its apogee!”
