'You can't claim the gains and deny the losses' – Former Suame MCE to Sammy Gyamfi

Former Suame Municipal Chief Executive, Maxwell Ofosu Boakye, has criticised GoldBod Chief Executive Officer Sammy Gyamfi, accusing him of applying a double standard in the debate over financial losses associated with Ghana’s gold reserve accumulation programme.

Ofosu Boakye said it was “baffling” that Gyamfi, who previously criticised the New Patriotic Party (NPP) over alleged losses associated with the Gold-for-Reserves programme, was now asking critics to stop raising questions about losses linked to the current arrangement on the grounds that they were not incurred by GoldBod.

“You relentlessly attacked the NPP over alleged losses in the Gold-for-Reserves programme, but now demand silence over GoldBod losses. How is that not hypocrisy and baffling?” he asked.

His comments come after the International Monetary Fund (IMF) reported that losses from the artisanal and small-scale gold component of Ghana’s gold purchase programme had reached US$214 million by the end of September 2025.

The IMF said the losses, which amounted to about 0.2 percent of Ghana’s GDP, were largely associated with trading activities, exchange-rate movements and GoldBod off-takers’ fees.

At the same time, the Fund acknowledged that the programme had helped build Ghana’s international reserves and reduce pressure on the foreign exchange market.

Reacting to the apparent contradiction between the benefits and financial costs of the programme on 3FM in Accra, the former Suame MCE said the focus should not be on which institution’s books carried the losses.

“It doesn’t matter whose books the losses sit on,” he said.

According to Ofosu Boakye, the argument over whether the losses belong to GoldBod or the Bank of Ghana misses the bigger issue.

“It is irrelevant on whose books the losses sit, whether the Bank of Ghana or GoldBod. The GoldBod CEO and the likes have said GoldBod has been the bedrock of the economy, sustaining the cedi and resulting in declining inflation and other positive economic indicators,” he said.

He questioned why GoldBod should receive credit for the economic benefits associated with the programme but distance itself from the financial costs.

“If they take the glory for the purported economic successes of the Ministry of Finance and Bank of Ghana activities, why are they then running away from the recorded losses that have come up as a result of their activities too? Isn’t it mind-baffling?” he asked.

“You cannot take the glory for the successes and run away from the costs when questions are raised,” he added.

Ofosu Boakye also rejected attempts to portray GoldBod as the origin of Ghana’s gold-for-reserves policy.

“GoldBod is a brainchild of the NPP, not the NDC. The NPP brought an end to gold smuggling in Ghana through the Gold Purchase Programme,” he said.

He argued that while the current administration may have transformed and expanded the framework through GoldBod, the underlying policy of using Ghana’s gold to strengthen the country’s reserves was already in place.

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