The Chief Executive Officer of Ghana Gold Board (Goldbod), Lawyer Sammy Gyamfi, has responded to claims by the Minority Caucus regarding reported losses under the Bank of Ghana’s Gold for Reserves (G4R) and Gold for Oil (G4O) programmes.

In a detailed social media post, Mr Gyamfi provided audited and unaudited loss figures from the programmes, challenging what he called “uninformed and unfounded claims” by the New Patriotic Party (NPP) Minority.

Reported Losses (2023–2025):

2023 Audited Losses: GHS 2.15 billion (G4O: GHS 1.18B; G4R: GHS 973M)

2024 Audited Losses: GHS 4.84 billion (G4O: GHS 667.79M; G4R: GHS 4.18B)

2025 Unaudited Losses (IMF estimate): Approximately $214 million (GHS 2.3B) for G4R (Jan–Sept).

The NPP places this figure at about $300 million (GHS 3.3B).

Mr Gyamfi highlighted what he termed a “paradox”: while the BoG under the previous NPP administration recorded cumulative losses of GHS 7 billion in 2023 and 2024, the party is now calling for a probe into reduced losses under the current government.

He contrasted economic performance under both administrations, noting that during the periods of higher losses (2023–2024), the Cedi depreciated significantly and inflation remained above 22%.

In contrast, in 2025—with lower reported G4R losses—the Cedi has appreciated by over 35% against the Dollar, and inflation has fallen to 6.3%.

“What a joke!” Mr Gyamfi remarked. “They say they want a probe. We welcome that probe.”

He announced that, starting Monday, January 5, 2026, he will provide further clarifications on the IMF’s reported loss of $214 million under the G4R programme.