Sammy Gyamfi is the CEO of GoldBod
The CEO of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has responded to the Minority Caucus in Parliament following their demand for an investigation into alleged $214 million losses under the Bank of Ghana’s Gold-for-Reserves programme.
The Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah on Monday, December 29, 2025, called for a parliamentary inquiry with powers to subpoena contracts, licences and intermediaries involved in the scheme.
They Minority also urged criminal prosecution if negligence or corruption is uncovered.
However, in a post on his X page on December 29, 2025, Gyamfi dismissed the criticisms as hypocritical, arguing that losses were far greater under the previous New Patriotic Party (NPP) administration.
“Here’s the paradox, the NPP, under whom the BoG recorded cumulative losses of GH¢7 billion through the G4O and G4R programmes, is now demanding a probe into how the BoG and GoldBod have reduced those losses to GH¢3.3 billion. What a joke!” he wrote.
GoldBod rejects IMF claims of $214m loss in BoG Gold-for-Reserve program
He further emphasised the economic progress achieved under current management, citing falling inflation and a stronger currency.
“As of 2025, the BoG, working with GoldBod, has cut recurring losses to GH¢3.3 billion. Inflation has dropped for 11 straight months from 23.8% to 6.3%, while the Ghana cedi has appreciated by more than 35% against the US dollar, the first time the cedi has gained value since 2007,” he noted.
The GoldBod CEO welcomed the proposed parliamentary probe, pledging to provide full details and explanations beginning January 5, 2026.
Check Sammy Gyamfi’s X post below:
— Sammy Gyamfi (@SammyGyamfi_) December 29, 2025
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