Chief Executive Officer (CEO) of Ghana Gold Board (GoldBod), Sammy Gyamfi, has launched a blistering response to critics he describes as “desperate doom-wishers, accusing them of deliberately manufacturing losses and forcibly attributing them to GoldBod in a bid to undermine what he called a transformational institution and the Mahama administration.
In a strongly worded response posted on his Facebook page, he said his critics, driven by desperation to see both GoldBod and the Mahama government fail, have “created ‘by force’ imaginary losses and are aggressively imposing same on the surplus-making GoldBod”.
“How ridiculous,” he said, dismissing the claims as politically motivated and intellectually dishonest.
IMF report rekindles gold-for-reserves debate
His comments follow renewed public debate sparked by disclosures in the latest International Monetary Fund (IMF) report on Ghana, which stated that in 2025 alone, through the end of the third quarter, losses from the artisanal and small-scale mining doré gold component of the Gold-for-Reserves initiative amounted to US$214 million, equivalent to about 0.2% of Ghana’s gross domestic product.
The IMF attributed the bulk of these losses to adverse trading outcomes, compounded by fees paid to GoldBod off-takers, the state-backed structure created to intermediate domestic gold purchases.
Past G4O losses resurface
These losses were reported to have followed earlier setbacks under the now-discontinued Gold-for-Oil (G4O) component of the Domestic Gold Purchase Programme (DGPP), which recorded losses of US$128 million, or 0.15% of GDP, in 2024.
Gyamfi rejects blame placed on GoldBod
However, Mr Gyamfi said the mere mention of GoldBod off-taker fees had been seized upon by critics as convenient grounds to falsely blame GoldBod for the reported losses, ignoring the broader policy context and historical design of the DGPP.
According to him, those now pointing fingers had “soon forgotten the objects, policy-design and cost associated with the Domestic Gold Purchase Programme the erstwhile New Patriotic Party (NPP) government once touted, albeit, with very little to show for”.
DGPP was never a profit-making venture
“They have soon forgotten that the policy choice of the DGPP has always come with an intrinsic cost to the central bank,” he said, insisting that the programme was never conceived as a profit-making venture.
Mr Gyamfi further accused critics of deliberately ignoring the policy justification for the DGPP, which he said lies in a holistic assessment of “cost versus economic benefits”, rather than a narrow fixation on accounting figures detached from macroeconomic realities.
‘Sterling’ record of current BoG leadership
In a sharp political jab, he said the same voices now amplifying IMF-linked loss figures were “castigating the very administration of the Bank of Ghana that has delivered the most sterling economic record in Ghana’s recent history”.
He argued that the current BoG administration had fulfilled its primary constitutional mandate of price stability and had “done for Ghanaians in one year what they failed to do in eight years”.
‘Their Jandam will collapse’
Mr Gyamfi warned that what he described as the critics’ propaganda campaign would ultimately collapse under scrutiny.
“Well, their ‘jandam’ will collapse like a heap of sand when we make the time to engage the issues after the Yuletide,” he said.
“But for now, let’s make merry and enjoy our holidays in peace, while the desperate doom-wishers wallow in their imaginary GoldBod losses.”
Sarcasm, gold suits and the Cedi
Injecting sarcasm into his response, Mr Gyamfi added: “By the way, I think I look amazing in the golden suit prepared for me by the doom-wishers. Who can gift me one?”
He also made a pointed reference to currency stability, noting: “While at it, remember that the interbank dollar rate for today stands at GH₵11.1.”
BoG urges caution pending audited accounts
His remarks align closely with the position of BoG, which has also cautioned the public against drawing definitive conclusions from IMF programme reviews ahead of the release of audited financial statements.
In a formal response to the growing debate, the Central Bank said that until its audited financial statements — complete with all statutory disclosures — are published next year, any claims about losses linked to gold operations lack the necessary accounting verification and should not be accorded credibility.
The Bank stressed that the financial outcomes of its operations can only be properly assessed through audited accounts prepared and released in line with legal and institutional requirements.
IMF observations not conclusive — BoG
While acknowledging that the IMF had raised concerns about potential fiscal and financial exposures within the DGPP, the BoG cautioned against interpreting those observations as conclusive findings.
It argued that the IMF’s analysis must be understood within the broader macroeconomic context and the strategic role the DGPP played in stabilising Ghana’s economy during a period of acute external vulnerability.
DGPP as a policy tool, not a commercial scheme
According to the Central Bank, the programme was conceived as a policy tool rather than a purely commercial venture, with its primary objective being to strengthen Ghana’s external position rather than generate short-term profits.
The BoG said the DGPP contributed significantly to the build-up of international reserves, supported relative stability in the foreign exchange market and enabled the country to access substantial volumes of foreign exchange without contracting new debt.
“At a time when Ghana was effectively shut out of international capital markets and facing severe balance-of-payments constraints, the programme offered a critical alternative source of foreign exchange inflows,” the Bank said.
GoldBod’s aggregator role defended
The Central Bank also underscored the operational importance of GoldBod within the programme, describing it as a central aggregator that channels gold produced by the small-scale mining sector into the formal market.
“The operational role of GoldBod as an aggregator has been important in channelling gold-based inflows from the small-scale mining sector into the official market,” the BoG said.
It added that this structure has helped reduce smuggling, improve traceability and ensure that gold inflows are captured within the official balance-of-payments framework.
Reforms approved to address weaknesses
According to the Bank, the collaborative arrangement between the BoG and GoldBod has ensured that the DGPP remains firmly anchored in public policy objectives, rather than being driven solely by commercial considerations.
While defending the programme’s strategic relevance, the BoG acknowledged that the DGPP has carried macroeconomic and fiscal costs, particularly in downstream operations.
In response, the Bank disclosed that its Board has approved a set of reforms aimed at improving pricing mechanisms and enhancing operational efficiency within the programme.
These reforms, it said, are intended to address weaknesses identified through internal reviews and external assessments, including those highlighted by IMF staff.
‘Political sabotage, not policy debate’
For Mr Gyamfi, however, the current wave of criticism is less about policy refinement and more about political sabotage.
To him, the narrative of GoldBod-induced losses is not only misleading but deliberately constructed, and he remains confident that once the facts are fully engaged, the claims will crumble — leaving what he called the “desperate doom-wishers” exposed.
