Chief Executive Officer of GoldBod, Sammy Gyamfi, has mounted a strong defence of the Bank of Ghana’s Gold for Reserves (G4R) programme, arguing that financial losses linked to the initiative have reduced significantly compared to the period it was run under the New Patriotic Party (NPP).

In a Facebook post on Monday, December 29, 2025, Mr Gyamfi announced that he will begin a detailed public explanation of the International Monetary Fund’s reported US$214 million loss under the G4R programme from Monday, January 5, 2026. The programme was implemented by the Bank of Ghana in partnership with the Precious Minerals Marketing Company (PMMC), now rebranded as GoldBod.

He said his decision to address the matter ahead of schedule was triggered by what he described as “uninformed and unfounded claims” made by the Minority Caucus during a press conference earlier in the day.

As a preview of his forthcoming explanations, Mr Gyamfi released figures he said were audited losses incurred by the central bank from artisanal and small-scale gold purchases under both the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes.

According to him, in 2023 the Bank of Ghana recorded losses of GHS1.18 billion under the gold component of G4O and GHS973 million under G4R, bringing the combined total for the year to about GHS2.15 billion.

He said the situation worsened in 2024, with audited losses of GHS667.79 million under G4O and a much larger GHS4.18 billion under G4R, pushing total losses for that year to roughly GHS4.84 billion.

For 2025, Mr Gyamfi explained that the G4O programme had been discontinued. However, unaudited losses under G4R from January to September were estimated by the IMF at around GHS2.3 billion, equivalent to US$214 million. He noted that the NPP has put the same figure at a higher US$300 million, or about GHS3.3 billion.

He described it as contradictory for the NPP to now demand a probe into the programme, arguing that cumulative losses of approximately GHS7 billion were recorded under its administration between 2023 and 2024 alone.

Mr Gyamfi linked those higher losses to broader economic instability during that period, citing sharp cedi depreciation—27.8 per cent in 2023 and 19.2 per cent in 2022—as well as high inflation levels of 22.3 per cent in 2023 and 23.8 per cent in 2024.

By contrast, he said 2025 has seen a marked turnaround, with losses under G4R declining alongside improved macroeconomic indicators. He pointed to inflation falling for 11 consecutive months from 23.8 per cent to 6.3 per cent, and the cedi appreciating by more than 35 per cent against the US dollar—an outcome he described as unprecedented since 2007.

Mr Gyamfi stressed that the National Democratic Congress (NDC) has no objection to calls for an independent probe into the programme and promised a comprehensive breakdown of the issues from January 5, 2026.

He ended his post on a defiant note, declaring: “JANDAM can never win!”