Sammy Gyamfi defends Gold for Reserves Programme, accuses NPP minority of hypocrisy

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly rejected claims by the NPP Minority Caucus that the Bank of Ghana (BoG) and GoldBod have mismanaged the Gold for Reserves (G4R) programme, describing the accusations as hypocritical and misleading.

In a detailed response on Facebook on Monday 29 December, 2025, Mr Gyamfi argued that the Minority’s calls for a probe deliberately ignore the far greater losses recorded under the same programme when the New Patriotic Party (NPP) was in government.

According to him, in 2024, the Bank of Ghana under the NPP purchased only 45 tonnes of artisanal and small-scale mining (ASM) gold through aggregators such as the Precious Minerals Marketing Company (PMMC) and Red Sapphire. At the time, gold prices were below $2,800 per ounce, yet the programme recorded an audited loss of GHS4.18 billion.

Mr Gyamfi contrasted this with developments in 2025 under the National Democratic Congress (NDC), noting that the BoG, through PMMC and GoldBod, has purchased a record 102 tonnes of ASM gold, more than double the 2024 volume. He said the purchases were made at a time when gold prices had climbed to historic highs of over $4,400 per ounce, with the total value of the gold exceeding $10 billion

Despite this, the NPP Minority has raised concerns that the programme has incurred losses of GHS3.3 billion and is demanding an investigation. Mr Gyamfi pointed out that the figure being cited is unaudited and unverified and, in any case, represents a smaller loss compared to what was recorded under the NPP with lower volumes and prices.

He dismissed claims that drawing attention to previous losses amounts to “equalization,” insisting that the comparisons are necessary to expose what he described as deliberate mischief and double standards.

Mr Gyamfi further emphasised that the Gold for Reserves programme is not a profit-making venture but a foreign exchange–generation and monetary policy initiative.

He argued that it is misleading to judge the success of such a programme solely on profit and loss figures rather than its broader economic impact.

He also questioned why the Bank of Ghana under the NPP adopted a policy of purchasing gold at spot prices between 2023 and 2024 if profitability was the ultimate objective, and why the programme failed to record any profits during that period.

Describing the Minority’s stance as “hypocrisy at its apogee,” Mr Gyamfi maintained that the reduced losses recorded despite higher volumes and soaring gold prices point to improved management of the programme rather than any wrongdoing.