Sammy Gyamfi lays into Amin Adam over ‘settled’ BoG gold sale questions

Chief Executive Officer of GoldBod, Sammy Gyamfi, says parliamentary briefings have already addressed concerns over Ghana’s gold reserve sales.

In a Facebook post dated March 18, 2026, Gyamfi rejected claims by former Finance Minister Mohammed Amin Adam, arguing that the issues raised had been comprehensively dealt with at the committee level in Parliament.

He explained that a delegation from the Bank of Ghana, led by Governor Johnson Pandit Asiama, appeared before the Economy Sub-committee on March 9 to provide detailed explanations on the transactions.

“The answers you seek were all provided a few days ago,” Gyamfi stated, urging the former minister to consult official records or engage lawmakers who attended the session.

Gyamfi also pushed back against criticisms from Kojo Oppong Nkrumah and Gideon Boako, accusing them of advancing “unfounded claims” about the handling of the country’s gold reserves.

The controversy stems from assertions by Amin Adam that more than half of Ghana’s gold reserves were sold in 2025, generating roughly $1.5 billion. He questioned the policy rationale behind the move, raising concerns about transparency, consistency, and whether the proceeds were used to offset losses at the central bank.

He further called on the Bank of Ghana to clarify how the transactions fit within its broader reserve management strategy, particularly whether the sales were driven by financial pressures rather than portfolio diversification goals.

Responding to these concerns, Gyamfi maintained that Parliament’s committee system exists precisely to interrogate such issues, stressing that due process had been followed.

“After all, Parliament works in committees,” he noted, reinforcing his position that the matter had already undergone legislative scrutiny.

Meanwhile, Governor Johnson Pandit Asiama has separately dismissed claims by Kofi Bentil that Ghana lost $1.3 billion in a gold deal, describing the allegation as misleading and without factual basis.

Addressing journalists after a Monetary Policy Committee meeting, he insisted the central bank’s reserve management approach remains deliberate and transparent.

Bentil had earlier criticised the reported sale of 18 tonnes of gold, warning it could expose the country to losses and potential abuse.

“There is no sensible government anywhere in the world where somebody costs a poor country a billion dollars, and the person sits in their office,” he argued, calling for accountability and clarity over the transaction.