Kobby Mensah Slams Kojo Oppong-Nkrumah Over Alleged $214M GoldBod Loss

• Professor Kobby Mensah has criticised the NPP for calling a press conference to demand a probe into the alleged $214 million loss at GoldBod
• He claimed the NPP failed to implement practical economic solutions during its eight-year rule and labelled the press conference as needless
• His comments were in response to a press conference held by the Minority in Parliament, demanding a probe into the operations of GoldBod

A lecturer at the University of Ghana, Professor Kobby Mensah, has slammed the New Patriotic Party (NPP) over its recent press conference, demanding a probe into the alleged $214 million loss by the Ghana Gold Board (GoldBod).

In a post on X, Professor Kobby Mensah, who was recently appointed by President Mahama to helm the Ghana Tourism Development Company as chief executive, suggested the press conference addressed by Ofoase-Ayirebi MP, Kojo Oppong-Nkrumah, was needless.

He added that the NPP failed to demonstrate practical ideas in the management of Ghana's economy when it ruled the country for eight years.

Read also

"Uninformed and unfounded claims": Sammy Gyamfi responds to Minority over $214M loss

"Which of your ‘old’ ideas reduced the pound sterling from 23 cedis to 14? Dollar from 16 to 11 cedis? Or reduced fuel from 20/litre to 10.37? Talk Talk Party," he wrote on X.

Minority demands investigations into GoldBod operations

Addressing the press on Monday, December 29, 2025, on behalf of the Minority, Kojo Oppong-Nkrumah demanded a bipartisan committee to probe the GoldBod, led by Sammy Gyamfi.

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.

GoldBod CEO welcomes Minority’s probe demands

Meanwhile, Sammy Gyamfi, the CEO of the GoldBod, has welcomed the Minority's demand for a probe into how the alleged $214 million loss was incurred.

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"Ghana is experiencing God's blessing under Mahama": Rev Owusu-Bempa claims

In a social media post on Monday, December 29, 2025, Sammy Gyamfi dismissed claims that GoldBod has incurred a $214 million loss, arguing that the losses had rather been reduced significantly compared to previous years.

"What is even more revealing is that when the BoG, under the NPP in 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," he wrote.

"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)," he added.

Watch the X video below:

Prof Mensah's criticism of NPP sparks reactions

Prof Kobby Mensah's criticism of the NPP's demand for a probe into GoldBod's operations has sparked mixed reactions online.

Read also

Minority demands parliamentary probe into BoG-GoldBod $214m loss

YEN.com.gh has compiled a few of the reactions below:

@CadmanAttaMills said:

"So long as Ghana is a member of the IMF, the IMF will always be here. It is called Article IV consultations."

@margin_ofsafety also said:

"There was a clear downward trajectory of the exchange rates before you took over, and every gain now was already projected. NDC na chop chop parry oo."

@obiba_jk2 commented:

"I'm just hearing rebranding rebranding. Lame minority!"

Prof Kobby Mensah creates innovative app

YEN.com.gh reported that Prof. Kobby Mensah had developed a software tool to simplify university admissions for SHS students.

The platform uses WASSCE grades, high school courses, and demographic details to generate personalised reports on students’ admission chances.

It also helps SHS 1 students assess their progress early, adjust study strategies, and prepare for WASSCE exams effectively.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh