Acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly rejected claims by the NPP Minority Caucus that losses recorded under the Gold-for-Reserves (G4R) programme warrant a parliamentary probe, describing their position as hypocritical and misleading.
In a statement posted on Facebook, Gyamfi argued that comparisons being made by the Minority deliberately ignore the scale, context, and outcomes of gold purchases under different administrations.
According to him, in 2024, the Bank of Ghana (BoG), under the previous NPP administration, purchased only 45 tonnes of artisanal and small-scale mining (ASM) gold through aggregators including PMMC and Red Sapphire. He noted that this was done at a time when gold prices were below $2,800 per ounce, yet the programme recorded an audited loss of GHS4.18 billion.
By contrast, Gyamfi said that in 2025, under the current NDC administration, the BoG has purchased an unprecedented 102 tonnes of ASM gold through PMMC and GoldBod, valued at over $10 billion. He pointed out that this was achieved at a time when global gold prices had surged to historic highs of over $4,400 per ounce.
Despite the significantly higher volumes and prices, Gyamfi said the NPP Minority is now alleging that the BoG and GoldBod have incurred a much lower loss of GHS3.3 billion, a figure he stressed is unaudited and unverified. He questioned why the Minority is calling for a probe into what he described as reduced losses, compared to the far higher losses recorded under the same programme when the NPP was in power.
“When reminded of the larger losses incurred in 2023 and 2024 under the NPP, despite lower volumes and lower prices, they accuse us of equalising. There is no equalisation here. We are exposing hypocrisy and deliberate mischief,” he stated.
Gyamfi further challenged the basis on which the Minority is assessing the programme, insisting that the Gold-for-Reserves initiative is a foreign exchange generation policy, not a profit-making venture. He argued that its success should be measured by its broader economic impact, including reserve accumulation and currency stability, rather than profit and loss figures alone.
He also questioned why, if profit was the objective, the BoG under the NPP adopted a policy of buying gold at spot prices between 2023 and 2024, and why no profits were recorded during that period.
“If profit was the goal, why did the programme fail to make any profit under the NPP for two consecutive years?” he asked.
Gyamfi concluded by accusing the Minority of politicising a monetary policy initiative for partisan gain, describing their posture as “hypocrisy at its peak.”