"Uninformed and Unfounded Claims": Sammy Gyamfi Responds to Minority Over $214M Loss

• Sammy Gyamfi, CEO of the Ghana Gold Board, has denied claims by the Minority in Parliament over the alleged loss of $214 million
• The Kojo Oppong-Nkrumah-led Minority called for a bipartisan probe into the reported loss linked to the Bank of Ghana and GoldBod
• Gyamfi cited audited figures showing reduced losses in 2025 and improved inflation and appreciation under the current administration

The Chief Executive Officer (CEO) of the Ghana Gold Board, Sammy Gyamfi, has dismissed claims by the Minority in Parliament over the alleged loss under the Gold-for-Reserve programme.

In a Facebook post on Monday, December 29, 2025, the GoldBod boss argued that the losses had been reduced significantly compared to previous years.

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Sammy Gyamfi made the Facebook post in response to the Minority's press conference, demanding a probe into the purported $214 million loss incurred by the GoldBod.

Addressing the press on Monday, December 29, 2025, on behalf of the Minority, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong-Nkrumah, said a bipartisan investigation should be conducted by a parliamentary ad hoc committee.

He stated that the committee should be tasked with demanding that the Bank of Ghana (BoG) and the GoldBod explain their fee structure, pricing mechanisms, aggregator selection criteria, and foreign exchange arrangements in connection with the Gold-for-Reserves programme.

“Under this bipartisan enquiry, we will be expecting the BoG and the GoldBod to publish the fee structure, the pricing formula, the aggregator selection criteria, and all foreign exchange arrangements that they have tied to this scheme, which has led to this loss," he was reported to have said, via Citinewsroom.

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The Minority also called for the suspension of permits in forest reserves while recommending the introduction of strict traceability measures.

Oppong-Nkrumah further raised concerns about the possibility of state funds being used to purchase gold from illegal miners.

Read the Facebook post below:

Sammy Gyamfi's response to the Minority

Responding to this, Sammy Gyamfi welcomed the Minority's demand for a probe into GoldBod's operations and the alleged loss.

According to him, audited financial records show that the BoG recorded substantial losses from artisanal and small-scale gold purchases under both the Gold-for-Reserves (G4R) and Gold-for-Oil (G4O) programmes in 2023 and 2024.

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He added that in 2023, the losses amounted to 2.15 billion cedis, which comprised 1.18 billion cedis from the gold component of the G4O programme and 973 million cedis under G4R.

He also noted that in 2024, the audited losses rose to 4.84 billion cedis, including 667.79 million cedis under G4O and 4.18 billion cedis under G4R.

The GoldBod CEO further claimed that the G4O programme has been discontinued, while unaudited figures from the International Monetary Fund (IMF) show losses of about 2.3 billion cedis, which is equivalent to $214 million, under the G4R programme between January and September.

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He said the Minority MPs led by Kojo Oppong-Nkrumah put the 2025 G4R unaudited losses at $300 million, which is equivalent to approximately GHS3.3 billion.

"What is even more revealing is that, when the BoG under the NPP in the years 2023 and 2024 made total G4O and G4R losses of GHS2.15 billion and GHS4.84 billion respectively, the Ghana cedi cumulatively depreciated against the U.S. dollar by 27.8% in 2023 and 19.2% in 2024, while inflation for 2023 and 2024 stood at 22.3% and 23.8% respectively.

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"Today in 2025, the NPP is complaining about the fact that the BoG, working in conjunction with the GoldBod, has reduced their recurring G4R and G4O losses to GHS3.3 billion (according to the NPP), and yet, inflation has declined over 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar (the first time the cedi is appreciating since the year 2007).

"What a joke! Well, they say they want a probe. We welcome that probe," he added.

Goldbod generates over $8 billion in forex

Meanwhile, YEN.com.gh reported that Ghana’s small-scale gold export sector had made over $8 billion in foreign exchange so far in 2025.

The figures have been provided by the Ghana Gold Board (GoldBod), which used to be the Precious Minerals Marketing Company (PMMC).

Small-scale miners were said to have exported 81,719.23 kilograms of gold during the period under review, which is valued at US$8.06 billion.

Proofreading by Bruce Douglas, copy editor at YEN.com.gh.

Source: YEN.com.gh