Unveiling the Truth: Sammy Gyamfi's Defense of the Gold for Reserves Program
In a bold move, Mr. Sammy Gyamfi, CEO of GoldBod, has taken center stage by releasing comprehensive loss figures for the Bank of Ghana's Gold for Reserves (G4R) and Gold for Oil (G4O) initiatives. This action comes in response to the Minority Caucus's allegations of substantial losses under the G4R program, estimated to reach a staggering $300 million in 2025.
But here's where it gets controversial... Gyamfi's figures paint a different picture. According to the audited data, losses in 2023 amounted to GH¢2.15 billion, with G4O contributing GH¢1.18 billion and G4R adding GH¢973 million. The following year, 2024, saw an increase in total audited losses to GH¢4.84 billion, with G4O and G4R accounting for GH¢667.79 million and GH¢4.18 billion, respectively.
For 2025, Gyamfi revealed that the G4O program had been discontinued, and the unaudited losses under G4R for the first nine months stood at approximately GH¢2.3 billion, equivalent to $214 million. Interestingly, the Minority Caucus had placed this figure significantly higher at GH¢3.3 billion, or $300 million.
Gyamfi questioned the Minority's call for an investigation, highlighting that the cumulative losses between 2023 and 2024, amounting to GH¢7 billion, occurred during a period of high inflation and currency depreciation. In contrast, he pointed out that 2025 witnessed a decline in inflation for 11 consecutive months, reaching 6.3%, while the Ghana cedi appreciated by over 35% against the U.S. dollar.
Despite his criticism of the Minority's claims, Gyamfi expressed openness to an investigation, promising more details in January. He concluded with a teaser, "Stay tuned for the full story from 5th January, 2026."
This development raises intriguing questions. Should we trust Gyamfi's interpretation of the losses, especially considering the contrasting figures presented by the Minority Caucus? And what impact will these revelations have on the future of the Gold for Reserves program? Feel free to share your thoughts and opinions in the comments below!
