GoldBod Boss Credits Economic Turnaround, Questions Minority’s Motive

Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has questioned the motives behind the Minority Caucus’ demand for a parliamentary probe into the Gold-for-Reserves programme, arguing that the initiative has coincided with a broader economic recovery.

The Minority Caucus, led by Kojo Oppong Nkrumah, has called for the subpoenaing of contracts, licences, and intermediaries linked to the programme, citing alleged losses of $214 million.

But Mr Gyamfi contends that the focus on losses ignores key macroeconomic improvements achieved under the current framework involving the Bank of Ghana and GoldBod.

He pointed to declining inflation and currency appreciation as evidence that the programme has contributed to stabilising the economy.

“Inflation has declined for 11 consecutive months from 23.8% to 6.3%, while the Ghana cedi has cumulatively appreciated by over 35% against the U.S. dollar—the first time since 2007,” he said.

Mr Gyamfi suggested that the Minority’s criticism fails to acknowledge these gains, adding that the same political actors raising concerns today presided over significantly worse outcomes in the past.