‘What a joke’ Sammy Gyamfi slams Minority, sets record straight on G4R

The Acting Chief Executive Officer of the Ghana Gold Board (GoldBod) and National Democratic Congress (NDC) communicator, Sammy Gyamfi, has vowed to respond in detail to the International Monetary Fund’s (IMF) reported $214 million loss under the Bank of Ghana’s Gold for Reserves (G4R) programme from January 5, 2026.

In a Facebook post on Sunday, December 29, Mr. Gyamfi criticized the Minority Caucus for making what he described as “uninformed and unfounded claims” following a recent press conference.

“As I have already served notice, I will effective Monday, 5th January, 2026 be responding and clarifying issues surrounding the IMF’s reported loss of $214 million under the Gold for Reserves (G4R) programme,” he wrote.

According to Mr. Gyamfi, the Bank of Ghana incurred substantial losses from artisanal and small-scale gold purchases under both the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes during the period when the New Patriotic Party (NPP) oversaw the central bank’s operations.

He disclosed that audited figures for 2023 show losses of GHS1.18 billion from the gold component of the G4O programme and GHS973 million under the G4R programme, totaling GHS2.15 billion. In 2024, audited losses increased to GHS667.79 million under G4O and GHS4.18 billion under G4R, amounting to a total of GHS4.84 billion.

For 2025, Mr. Gyamfi noted that while the G4O programme was discontinued, unaudited IMF figures indicate G4R losses of approximately GHS2.3 billion ($214 million) from January to September. The Minority, led by NPP General Secretary Kojo Oppong Nkrumah, however, has pegged 2025 G4R losses at $300 million (≈GHS3.3 billion).

“The interesting paradox,” Mr. Gyamfi wrote, “is that the NPP, under whom the Bank of Ghana made cumulative losses of about GHS7 billion between 2023 and 2024, is now calling for a probe into how the BoG and GoldBod have reduced their losses to GHS3.3 billion. What a joke!”

He also linked higher losses under the NPP to poor macroeconomic performance, noting that the Ghana cedi depreciated by 27.8% in 2023 and 19.2% in 2022, while inflation stood at 22.3% in 2023 and 23.8% in 2024.

“Today in 2025, inflation has declined for 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar—the first time since 2007,” he said.

Welcoming calls for a probe into the programme, Mr. Gyamfi insisted transparency was assured.

“They say they want a probe. We welcome that probe. Stay tuned for more from 5th January, 2026. ‘JANDAM’ can never win!”