Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected calls by the Minority Caucus in Parliament for an investigation into alleged $214 million losses linked to the Bank of Ghana’s Gold-for-Reserves programme.

The Minority, led by the Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, on Monday, December 29, 2025, called for a bipartisan parliamentary inquiry with powers to subpoena contracts, licences and intermediaries involved in the initiative. They further urged that criminal prosecutions be pursued if negligence or corruption is established.

In response, Mr Gyamfi, in a post on his X (formerly Twitter) page on the same day, described the Minority’s demands as hypocritical, arguing that the Bank of Ghana recorded significantly higher losses 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 stated.

Mr Gyamfi also highlighted what he described as broader economic gains under the current management, including sustained disinflation and currency stability.

“As of 2025, the BoG, working with GoldBod, has reduced recurring losses to GH¢3.3 billion. Inflation has fallen for 11 consecutive months from 23.8% to 6.3%, and the Ghana cedi has appreciated by over 35% against the US dollar — the first such gain since 2007,” he said.

Despite his criticism of the Minority’s position, the GoldBod CEO welcomed the proposed parliamentary investigation, assuring that all relevant information would be made available. He said he would begin providing full explanations and details on the programme from January 5, 2026.