Nat’l Tymes News Desk
THE CHIEF Executive Officer of GoldBod, Comrade Sammy Gyamfi, has signalled a major political and economic showdown over Ghana’s gold management programmes.
In a statement issued ahead of a detailed response scheduled for Monday, January 5, 2026, Gyamfi says he will publicly clarify issues surrounding the IMF’s reported $214 million loss under the Bank of Ghana’s Gold for Reserves (G4R) programme—now managed in partnership with the Precious Minerals Marketing Company (PMMC), rebranded as GoldBod.
His comments follow a press conference by the NPP Minority Caucus in Parliament, led by Minority Leader Kwamina Afenyo-Markin, accusing the Bank of Ghana and GoldBod of mismanaging the gold programme.
Comrade Gyamfi described the claims as misinformed, insisting they ignore the actual audited figures.
The Numbers They Don’t Want You to See:
According to audited data from the Bank of Ghana, losses from artisanal and small-scale gold purchases under the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes were significantly higher during the NPP administration.
2023 (Audited):
G4O (gold component): GHS 1.18 billion
G4R: GHS 973 million
Total losses: GHS 2.15 billion
2024 (Audited):
G4O (gold component): GHS 667.79 million.
G4R: GHS 4.18 billion
Total losses: GHS 4.84 billion
Total losses under the NPP (2023–2024):
Over GHS 7 billion
2025 (Unaudited):
G4O: Discontinued
G4R: Approximately GHS 2.3 billion ($214 million) from January to September, according to the IMF.
Despite this, the NPP claims 2025 losses amount to $300 million (about GHS 3.3 billion)—a figure Gyamfi says remains significantly lower than losses recorded under the NPP’s own administration.
The “Paradox” Gyamfi Highlights:
Comrade Gyamfi describes the NPP’s call for a probe as ironic, arguing that:
Losses under the NPP were higher
Yet the cedi depreciated sharply (27.8% in 2023 alone), Inflation remained persistently above 22%.
By contrast, he notes that in 2025:
Losses have reduced, Inflation has declined for 11 consecutive months, from 23.8% to 6.3%.
The cedi has appreciated by over 35% against the US dollar—the first sustained appreciation since 2007.
“So how,” Comrade Gyamfi asks, “does a government that reduced losses and stabilized the economy become the problem?”
‘We Welcome the Probe’:
Despite the criticism, Comrade Gyamfi says GoldBod and the Bank of Ghana are not afraid of scrutiny.
“We welcome the probe,” he stated, adding that further details will be released in January 2026. He ended his remarks emphatically, insisting the opposition’s narrative will fail.
“Stay tuned,” he said. “JANDAM can never win.”
Source: Nationaltymes.com
