GoldBod Chief Executive Officer Sammy Gyamfi has rejected claims that the current government is attempting to equalize losses under the Gold for Reserve programme, insisting the policy is about generating foreign exchange and not making profits.
In a Facebook post, Mr Gyamfi compared gold purchases made by the Bank of Ghana under the New Patriotic Party administration with those made under the National Democratic Congress government, arguing that the figures expose what he described as hypocrisy by the Minority in Parliament.
According to him, in 2024 the Bank of Ghana, operating under the NPP, bought 45 tonnes of artisanal and small scale mining gold through its aggregators, PMMC and Red Sapphire. At the time, gold prices were below $2,800 per ounce, yet the programme recorded an audited loss of GH₵4.18 billion.
He said the situation has changed significantly in 2025 under the NDC. The central bank, working through PMMC and GoldBod, has so far purchased 102 tonnes of ASM gold valued at more than $10 billion. This, he noted, is more than double the volume bought in 2024, and comes at a time when gold prices have reached an all time high of over $4,400 per ounce.
Mr Gyamfi said despite the higher volumes and prices, the Minority Caucus is raising concerns over a reported loss of GH₵3.3 billion, which he stressed is unaudited and unverified. He said the same critics are now calling for a probe into how losses under the Gold for Reserve programme have been reduced.
He questioned why similar concerns were not raised when the Bank of Ghana recorded much larger losses in 2023 and 2024 while buying smaller quantities of gold at lower prices under the NPP administration.
Responding to accusations of political equalization, Mr Gyamfi said the comparison is necessary to provide context and expose what he called deliberate mischief.
He also clarified that the Gold for Reserve programme is not designed to generate profits. According to him, it is a forex generation policy meant to support the broader economy, and its success should not be judged solely on profit and loss statements.
Mr Gyamfi further questioned why the Bank of Ghana bought gold at spot prices between 2023 and 2024 if profit was the main objective, and why no profits were recorded under the programme during that period.
He maintained that criticism of the programme must be grounded in its stated economic purpose rather than selective political arguments.
