Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, has described the response by the Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, to the reported $214 million loss under the Gold-for-Reserves programme as “unfortunate.”
The statement follows Mr. Gyamfi’s preliminary response to claims made by the Minority in Parliament regarding the Bank of Ghana’s Gold-for-Reserves (G4R) programme.
The Minority in Parliament had earlier called for a bipartisan inquiry into the losses, urging full disclosure of procurement practices, fees, and pricing formulas associated with GoldBod and the Bank of Ghana’s gold purchase programmes.
Mr. Gyamfi has indicated that he will provide a detailed response to the IMF report and related concerns starting January 5, 2026. The CEO had also noted that audited losses under the Gold-for-Oil (G4O) and G4R schemes in 2023 and 2024 totaled approximately 7 billion cedis, while the 2025 unaudited loss of 2.3 billion cedis (214 million dollars) represents a reduction compared to previous years.
Mr. Gyamfi also highlighted positive macroeconomic indicators, including consecutive monthly declines in inflation from 23.8 percent to 6.3 percent and a cedi appreciation of over 35 percent against the US dollar, claiming that these outcomes show the government’s economic management is yielding results.
Speaking on the matter on Channel One Newsroom on Monday December 29, the lawmaker criticised Mr. Gyamfi for framing the losses in comparative terms with previous administrations rather than addressing the scale of the issue.
“The response by the CEO of GoldBod is rather unfortunate. The first point is if you are a CEO and this issue happened, significant loss like this through your activities, the institution you are head I am surprised to hear or see you on social media that his response is that I have a loss but NPP also made certain losses.
“If it was some party communicators doing their usual thing we would have said they are making their usual communication.”
