Gold-for-Reserves losses are policy-driven, not mismanagement – Sammy Gyamfi
4th January 2026
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has maintained that any losses recorded under the Bank of Ghana’s (BoG) Gold-for-Reserves (G4R) programme stem from deliberate policy choices rather than financial mismanagement by either GoldBod or the central bank.
His comments come amid calls by the New Patriotic Party (NPP) Minority in Parliament for a parliamentary probe into reports of a US$214 million loss linked to the programme’s operations in 2025.
Speaking on JoyNews’ Newsfile on Saturday, January 3, 2026, Mr Gyamfi rejected claims that the losses should be attributed to the Ghana Gold Board, noting that GoldBod has existed for only eight months.
“An eight-month-old company is now being held responsible for losses of the Bank of Ghana?” he questioned.
He clarified that the Gold-for-Reserves programme was introduced by the Bank of Ghana in 2022—three years before GoldBod was established in April 2025—and has always remained a BoG-funded initiative reflected in the central bank’s financial books.
“The G4R programme was introduced in 2022 by the Bank of Ghana. It is funded by them, it is their programme, and therefore it sits in their books,” he explained.
Mr Gyamfi said that although GoldBod was directed, under transitional arrangements, to continue administering the programme after its establishment, the financial responsibility for G4R remains with the Bank of Ghana.
He strongly defended the management of the central bank, describing Governor Dr Johnson Asiama as a “hero,” and insisted that any losses under the programme were not the result of incompetence or mismanagement.
“That programme, any loss under it is not attributable to an eight-month-old Gold Board, nor is it attributable to mismanagement or incompetence by the Bank of Ghana,” he said.
According to Mr Gyamfi, the G4R initiative was intentionally structured to absorb strategic costs in pursuit of broader macroeconomic objectives, including building foreign exchange reserves and stabilising the cedi.
“Any reported loss under G4R, if any, is a product of policy design. That is how the policy was designed—to incur intentional and strategic expenses for superior economic benefits,” he stated.
He further criticised what he described as a misunderstanding of the programme’s objectives by those now questioning it.
“It is sad that those under whom the policy was introduced are now appearing ignorant of the policy objectives and design,” he added.
Separately, Mr Gyamfi presented a positive financial outlook for GoldBod’s own operations. Based on unaudited management accounts for 2025, he said the Board generated revenue of over GH¢960 million, with expenditure kept below GH¢120 million.
He projected that GoldBod is expected to declare a surplus of between GH¢700 million and GH¢800 million for the 2025 financial year.