The Chief Executive Officer of the Ghana Gold Board and National Communications Officer of the National Democratic Congress (NDC), Lawyer Sammy Gyamfi, has strongly refuted claims that an International Monetary Fund (IMF) report indicates a $214 million loss under the Gold for Reserves (G4R) programme, describing the narrative as a deliberate political smear.
In a detailed statement, Mr Gyamfi said attempts to politicise the IMF report to malign his reputation and that of the Ghana Gold Board are misleading, intellectually dishonest, and calculated to deceive the public.
According to him, the much-cited $214 million figure is not an actual loss, but a staff-level projection contained in the IMF report, based on data supplied by the Bank of Ghana (BoG) regarding the Gold for Reserves programme.
He stressed that the Bank of Ghana has categorically clarified that the gold purchased under the programme remains safely held in reserves, meaning no cash loss has occurred. The figure, he explained, represents an unrealised accounting estimate, not a financial shortfall.
Mr Gyamfi further stated that the Ghana Gold Board is not responsible for the IMF projection, which was derived from assumptions related to operational costs, refinery fees, and market valuation. None of these, he noted, suggests corruption, mismanagement, or wrongdoing.
“On the contrary, the Gold Board has exceeded its operational targets,” he said, adding that linking the Board to a speculative $214 million figure is both inaccurate and deceptive, and exposes the issue as a politically motivated smear, rather than a factual economic assessment.
He also pointed out that the Bank of Ghana’s audited internal report on the programme is yet to be released and will provide the authoritative determination of any gains or losses. Until then, he said, the IMF estimate remains preliminary and non-conclusive.
Detailed Breakdown of Gold Purchases
Providing further context, Mr Gyamfi rejected claims of “equalisation” between the current administration and the previous government, insisting that comparisons are necessary to expose hypocrisy.
He revealed that in 2024, under the NPP administration, the Bank of Ghana purchased 45 tonnes of artisanal and small-scale mining (ASM) gold through PMMC and Red Sapphire, at a time when gold prices were below $2,800 per ounce. Despite the relatively lower prices and volumes, the programme recorded an audited loss of GHS4.18 billion.
In contrast, he said that in 2025, under the NDC administration, the Bank of Ghana had purchased an unprecedented 102 tonnes of ASM gold, valued at over $10 billion, through PMMC and GoldBod. This was achieved at a time when gold prices had risen to an all-time high of over $4,400 per ounce.
Despite the significantly higher volume and prices, Mr Gyamfi noted that the alleged loss being cited by the NPP Minority Caucus is GHS3.3 billion, which he stressed is unaudited and unverified, and notably lower than the losses incurred under the previous administration.
“The same people who presided over much bigger losses are now calling for probes because the losses have reduced,” he said. “When reminded of their own record, they accuse us of equalising. We are not equalising; we are exposing hypocrisy and deliberate mischief.”
Purpose of the Gold for Reserves Programme
Mr Gyamfi further clarified that the Gold for Reserves programme is not a profit-making initiative, but a foreign exchange generation policy aimed at strengthening Ghana’s reserves and stabilising the economy.
“You do not assess the success of a non-profit monetary policy initiative based on profit and loss, but on its broader economic impact,” he argued.
He questioned why, if profit was the ultimate objective, the Bank of Ghana under the NPP continued to purchase gold at spot prices between 2023 and 2024, and why no profits were recorded under the programme during those years.
Describing the current criticism as “hypocrisy at its apogee,” Mr Gyamfi concluded that the IMF figure remains a projection, the gold remains a valuable national asset, and efforts to discredit the Bank of Ghana, the Ghana Gold Board, or their leadership are nothing more than politically motivated propaganda.
Source: Oyerepafmonline.com
