GoldBod Chief Executive Officer Sammy Gyamfi says losses under Ghana’s Gold for Reserves and Gold for Oil programmes have reduced significantly, pushing back against claims by the Minority that the Bank of Ghana has mismanaged the scheme.
In a statement issued ahead of a planned detailed response in January 2026, Mr Gyamfi addressed reports by the International Monetary Fund that Ghana recorded a loss of $214 million under the Gold for Reserves programme in 2025. He said the figure, which covers January to September, remains unaudited and should be placed in proper context.
His comments follow a press conference by the Minority Caucus, which accused authorities of causing heavy losses through the gold purchase programmes. Mr Gyamfi described those claims as uninformed and unfounded.
According to him, audited figures show that the Bank of Ghana incurred combined losses of GH¢2.15 billion in 2023 under the Gold for Oil and Gold for Reserves programmes. In 2024, audited losses rose to GH¢4.84 billion, with GH¢667.79 million coming from the gold component of Gold for Oil and GH¢4.18 billion from Gold for Reserves.
For 2025, he said the Gold for Oil programme has been discontinued, while the Gold for Reserves programme recorded unaudited losses of about GH¢2.3 billion, equivalent to $214 million, based on IMF data. He noted that the New Patriotic Party has put the 2025 unaudited losses at $300 million, or about GH¢3.3 billion.
Mr Gyamfi argued that the figures show a clear reduction in losses compared with previous years when the programmes were run under the NPP administration. He said cumulative losses in 2023 and 2024 stood at about GH¢7 billion, yet the same party is now calling for a probe into what he described as reduced losses.
He further linked the earlier losses to weaker economic outcomes, noting that in 2023 and 2024 the cedi depreciated by a combined 27.8 percent and 19.2 percent against the US dollar, while inflation stood at 22.3 percent and 23.8 percent respectively.
By contrast, he said that in 2025, with losses reduced to about GHS3.3 billion by the NPP’s own estimate, inflation has fallen for 11 consecutive months from 23.8 percent to 6.3 percent. Over the same period, he said, the cedi has appreciated by more than 35 percent against the US dollar, the first sustained appreciation since 2007.
Mr Gyamfi said GoldBod and the Bank of Ghana welcome calls for a probe into the programmes and pledged to provide full clarification when he formally responds to the IMF report on January 5, 2026.
