Sammy Gyamfi Releases Loss Figures, Defends Gold for Reserves Programme Amid Minority Criticism

Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, has released audited and unaudited figures detailing losses incurred by the Bank of Ghana under the Gold for Reserves (G4R) and Gold for Oil (G4O) programmes since their inception.

In a detailed statement dated December 29, 2025, Mr. Gyamfi said the figures were intended to provide context following a press conference by the Minority Caucus, which alleged that losses under the G4R programme could reach $300 million in 2025.

According to the figures released, audited losses for 2023 stood at GH¢2.15 billion, comprising GH¢1.18 billion under the G4O programme and GH¢973 million under G4R. In 2024, total audited losses rose to GH¢4.84 billion, with GH¢667.79 million attributed to G4O and GH¢4.18 billion to G4R.

For 2025, Mr. Gyamfi stated that the G4O programme had been discontinued, while unaudited losses under G4R amounted to approximately GH¢2.3 billion, equivalent to $214 million, from January to September, based on IMF estimates. He noted that the Minority Caucus had placed the figure higher, at $300 million, or about GH¢3.3 billion.

Mr. Gyamfi questioned the Minority’s call for a probe, arguing that cumulative losses under the programmes between 2023 and 2024 amounted to about GH¢7 billion, a period during which inflation and currency depreciation were significantly higher.

He contrasted this with developments in 2025, noting that inflation had declined for 11 consecutive months to 6.3 percent, while the Ghana cedi had appreciated by over 35 percent against the U.S. dollar.

Despite criticizing the Minority’s claims, Mr. Gyamfi said he welcomed calls for an investigation into the programme and assured the public of further details in January.

“Stay tuned for more from 5th January, 2026,” he concluded.