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Sammy Gyamfi Fires Back at Minority Over IMF $214m G4R Loss, Teases Major January Exposé
The Chief Executive Officer of GoldBod, Sammy Gyamfi, has announced plans to publicly respond to and clarify issues surrounding the International Monetary Fund’s (IMF) reported $214 million loss under the Bank of Ghana’s Gold for Reserves (G4R) programme.
In a statement shared on X formerly of Twitter, Mr Gyamfi said he will begin a detailed engagement on the matter from Monday, January 5, 2026, following comments by the Minority Caucus, which he described as “uninformed and unfounded.”
According to him, the G4R programme implemented by the Bank of Ghana (BoG) in collaboration with the Precious Minerals Marketing Company (PMMC), now GoldBod, has been the subject of misrepresentation, particularly regarding losses recorded over the years.
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Mr Gyamfi released figures detailing what he described as audited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under both the Gold for Oil (G4O) and Gold for Reserves (G4R) programmes since their inception.
For 2023, he stated that:
- G4O (gold component) recorded losses of GH¢1.18 billion.
- G4R recorded losses of GH¢973 million.
This brought total losses for the year to GH¢2.15 billion.
In 2024, audited figures showed:
- G4O losses of GH¢667.79 million
- G4R losses of GH¢4.18 billion
Total losses for 2024, according to him, stood at GH¢4.84 billion.
For 2025, Mr Gyamfi explained that the G4O programme has been discontinued, while G4R losses are unaudited. He cited the IMF’s estimate of approximately GH¢2.3 billion (about $214 million) in losses between January and September 2025.
He noted, however, that the opposition New Patriotic Party (NPP) has placed the unaudited 2025 G4R losses at $300 million, equivalent to about GH¢3.3 billion.
Describing the situation as a “paradox”, Mr Gyamfi questioned why the NPP, under whose administration cumulative losses of about GH¢7 billion were recorded between 2023 and 2024, was now calling for a probe into what he claims is a significant reduction in losses.
Mr Gyamfi further linked the performance of the gold programmes to broader economic indicators. He noted that during the period when higher losses were recorded under the NPP administration, the Ghana cedi depreciated cumulatively by 27.8% in 2023 and 19.2% in 2022, while inflation stood at 22.3% in 2023 and 23.8% in 2024.
By contrast, he said that in 2025, inflation has declined for 11 consecutive months, falling from 23.8% to 6.3%, while the cedi has appreciated by over 35% against the US dollar, a development he described as unprecedented since 2007.
Despite the criticisms, Mr Gyamfi said GoldBod and its partners welcome calls for an independent probe into the programme.
“Well, they say they want a probe. We welcome that probe,” he stated, adding that more details will be provided when he begins his formal response in January 2026.
He ended his post with a political jab at the opposition, urging the public to “stay tuned” for further disclosures.
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