Janet Asana Nabla, the Founder and Chairperson of the People’s National Party (PNP), has publicly expressed her concerns over the staggering losses being reported by the Bank of Ghana through the Gold for Reserves (G4R) program.
In a Facebook post, Nabla pointed to the troubling performance of GoldBod, a company led by CEO Sammy Gyamfi, which is involved in the program.
“I would never have known that it’s possible to sell gold and still make losses, if not for Sammy Gyamfi and GoldBod,” Nabla stated in her post, highlighting the irony in the situation. Ghana is renowned for its vast gold reserves, and for many, the precious metal is seen as both a national asset and a cornerstone of the economy.
Nabla raised a critical question: “Why, in a country where gold is used for almost everything and remains a lucrative commodity, are we seeing companies like GoldBod failing to turn a profit from gold sales?”
The latest IMF review of Ghana’s economic performance has confirmed that the Bank of Ghana has incurred substantial losses through the Gold for Reserves program, which was designed to bolster the country’s foreign exchange reserves by trading gold.
According to the IMF’s 5th review, losses from the artisanal and small-scale gold transactions component of the program have reached an eye-watering $214 million by the end of September 2025.
These losses account for 0.2% of Ghana’s GDP and are primarily attributed to trading losses, as well as the fees charged by GoldBod, the primary off-taker involved in the program. The IMF also noted that while gold is an important resource for Ghana, the complexities of the Gold for Reserves program may have led to unforeseen financial challenges.
The crux of Nabla’s criticism lies in the performance of GoldBod, led by Sammy Gyamfi. She specifically questioned how such a significant player in the gold trade could fail to turn a profit from one of the country’s most valuable resources.
