Goldbod Losses: Sammy Gyamfi dismisses Minority’s call for probe, cites GHS7bn audited losses under NPP

GoldBod Chief Executive Officer, Sammy Gyamfi, has rejected the Minority Caucus‘s demand for a bipartisan parliamentary probe into reported losses under the Gold for Reserves (G4R) programme, describing the call as “uninformed and unfounded.”

In a Facebook post on Monday, December 29, Gyamfi said audited figures show the Bank of Ghana recorded losses totalling GHS7 billion between 2023 and 2024 under the Gold for Reserves (G4R) and Gold for Oil (G4O) programmes during the previous NPP administration.

According to him, audited losses for 2023 stood at GHS2.15 billion, made up of GHS1.18 billion under G4O and GHS973 million under G4R. In 2024, losses rose to GHS4.84 billion, with G4O accounting for GHS667.79 million and G4R for GHS4.18 billion.

Gyamfi said it was contradictory for the NPP Minority to criticise an unaudited 2025 loss figure of GHS2.3 billion, estimated by the IMF at $214 million and by Ofoase Ayirebi MP Kojo Oppong Nkrumah at $300 million, when far larger audited losses occurred under their watch.

He noted that the Minority is calling for investigations and possible prosecution of the Governor of the Bank of Ghana and the GoldBod CEO, despite what he described as reduced losses and improved economic indicators in 2025.

Comparing economic performance, Gyamfi said the cedi depreciated by 27.8 per cent in 2023 and 19.2 per cent in 2024, with inflation rates of 22.3 per cent and 23.8 per cent, respectively, under the NPP. He contrasted this with 2025, where he said the cedi had appreciated by 35 per cent, the first such performance since 2007, and inflation had declined from 23.8 per cent to 6.3 per cent within 11 months under the current administration.

“We welcome that probe,” Gyamfi said, accusing the Minority of hypocrisy in light of what he described as improved macroeconomic outcomes and lower losses.

The comments follow a press conference by Kojo Oppong Nkrumah, who cited IMF concerns and blamed the reported losses on structural weaknesses in GoldBod’s operations, arguing that while miners are paid at market rates, the Bank of Ghana purchases dollars at weaker interbank rates.