BoG Incurred ₵7B Loss in Gold for Reserves and Gold for Oil Programs Under NPP- Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has taken a swipe at the New Patriotic Party’s Minority in Parliament for its judgmental posture over the $214 million losses of the Board.
According to him, the Bank of Ghana (BoG) incurred ₵7 billion loss in Gold for Reserves (G4R) and Gold for Oil (G40) programs between 2023 and 2024.
He described the earlier presser of the Minority as uninformed and unfounded claims.
He announced plans to respond and clarify the loss contained in the International Monetary Fund (IMF) report.
Read the full statement below:
Folks, as I have already served notice, I will effective Monday, 5th January, 2026 be responding and clarifying issues surrounding the IMF’s reported loss of $214 million under the Gold for Reserves (G4R) program of the Bank of Ghana, implemented in conjunction with the PMMC, now GoldBod.
But before that, I hear the Minority Caucus has today addressed a presser, making several uninformed and unfounded claims.
So I thought it prudent to give you a teaser to nibble on as you enjoy the Yuletide.
Below are the LOSSES incurred by the Bank of Ghana from artisanal small-scale gold purchases under its Gold for Reserves (G4R) and Gold for Oil (G4O) programs since inception.
AUDITED LOSSES FROM ARTISANAL SMALL-SCALE GOLD PURCHASES UNDER THE DOMESTIC GOLD PURCHASE PROGRAM
2023 AUDITED LOSSES
* G4O -GHS1.18Billion (gold component)
* G4R – GHS973Million
Total losses – GHS2.15 billion.
2024 AUDITED LOSSES
* G4O -GHS667.79 Million (gold component)
* G4R – GHS4.18Billion
Total losses- GHS4.84Billion
2025 UNAUDITED LOSSES
* G4O- discontinued
* G4R- approximately GHS2.3 billion ($214 million) from January to September, according to the IMF. This figure is unaudited.
NB: The NPP led by Kojo Oppong Nkrumah puts the 2025 G4R unaudited losses for 2025 at $300 million, which is equivalent to approximately GHS3.3 billion.
Now here is the interesting paradox; the NPP under whom the BoG made cumulative losses (2023-2024) of GHS7 billion under the G4O and G4R programs, is calling for a probe into how the BoG and GoldBod have reduced their losses to GHS3.3 billion. Lol!
What is even more revealing is that, when the BoG under the NPP in the years 2023 and 2024 made total G4O and G4R losses of GHS2.15 billion and GHS4.84 billion respectively, the Ghana cedi cumulatively depreciated against the U.S dollar by 27.8% in 2023 and 19.2% in 2022. While inflation for 2023 and 2024 stood at 22.3% and 23.8%, respectively.
Today in 2025, the NPP is complaining about the fact that the BoG working in conjunction with the GoldBod, has reduced their recurring G4R and G4O losses to GHS3.3 billion and yet, 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 the cedi is appreciating since the year 2007).
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