Gold for Reserve losses are 'by design, not mismanagement' - Sammy Gyamfi

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has argued that any losses under the Bank of Ghana's (BoG) Gold-for-Reserves (G4R) programme currently being run by the GoldBod are a result of intentional policy design, not financial mismanagement by either institution.

The statement comes as the opposition New Patriotic Party (NPP) Minority in Parliament demands a probe into reports of a $214 million loss linked to the program's operations in 2025.

Speaking on JoyNews' Newsfile on January 3, 2026, Gyamfi denied that the losses are attributable to the eight-month-old GoldBod.

He clarified that the G4R program was created by the BoG in 2022, three years before GoldBod's establishment in April 2025.

"An eight-month-old company [is] now responsible for the losses of BoG?

“The G4R program was introduced in 2022 by the BOG. It is funded by them; it is their program and therefore is sitting in their books,” he said.

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He explained that upon its creation, GoldBod was directed under transitional arrangements to continue administering the program but stressed its financials remain on the central bank's ledger.

He defended the BoG's management team, calling Governor Dr Johnson Asiama a "hero," and asserted that any losses are a product of strategic policy, not error.

"That program, any loss under it is not attributable to an eight-month-old Gold Board, nor is it attributable to mismanagement or incompetence by the BOG.

“He and that wonderful team at BOG, they have not, through mismanagement or incompetence, caused any loss. Any reported loss under G4R, if any, is a product of policy design. That is how the policy was designed to incur intentional and strategic expenses for superior economic benefits," Gyamfi stated.

He further argued that the program was "designed to... incur intentional and strategic expenses for superior economic benefits," such as bolstering foreign exchange reserves and stabilising the local currency.

“It is so sad that those under whom the policy was introduced are now feeling ignorance about the policy objects and the policy design,” he said.

Separately from the G4R debate, Gyamfi presented a positive financial outlook for GoldBod's own operations.

Citing unaudited management accounts for 2025, he reported revenue exceeding GH¢960 million against expenditure below GH¢120 million, projecting a surplus of GH¢700-800 million.

Watch the video below:

Ignore the mischief being created by the NPP after realizing their bosses lied to them about Goldbod.

This is what Sammy Gyamfi said. Sammy Gyamfi wants Ghanaians to ask those (in this case, your Bosses) who designed the policy. They created the supposed losses in the first… pic.twitter.com/3CwIlF5PK3

— KOJO DYNAMIC 𓃵 (@AnnanPerry) January 3, 2026