GoldBod did not cause BoG’s US$1.7bn loss -Sammy Gyamfi
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that GoldBod was responsible for the losses incurred by the Bank of Ghana (BoG) under its Domestic Gold Purchase Programme.
Speaking at the Government Accountability Series, Sammy Gyamfi said the narrative linking GoldBod to the reported losses represented a shift from an earlier claim that GoldBod itself had made losses.
According to him, the International Monetary Fund (IMF) reports cited in support of the allegations do not accuse GoldBod of causing the losses recorded by the central bank.
He challenged critics, particularly Athenio Markey, to identify any paragraph, sentence or statement in the referenced IMF reports where the Fund specifically attributed the BoG’s losses to GoldBod.
“I challenge Athenio Markey to point to any paragraph, sentence, phrase, or punctuation mark in the said reference reports of the IMF where the Gold Board was accused by the IMF as the entity responsible for losses incurred by the Bank of Ghana,” he said.
Mr. Gyamfi explained that the IMF reports indicated that the Bank of Ghana incurred losses through the sale of gold under its Domestic Gold Purchase Programme amounting to about US$400 million in 2024 and US$1.7 billion in 2025.
He stressed that, according to the IMF, the 2025 loss was associated with the scaling up of the Domestic Gold Purchase Programme rather than incompetence or mismanagement by GoldBod.
“In summary, ladies and gentlemen, what the IMF report states is that Bank of Ghana incurred losses through the sale of gold under its Domestic Gold Purchase Program of $400 million in the year 2024 and $1.7 billion in the year 2025,” he said.
He further quoted the IMF as attributing the 2025 loss to “the scaling up of the Domestic Gold Purchase Program.”
Mr. Gyamfi therefore urged the public and the media to distinguish between losses incurred by the Bank of Ghana under its programme and the financial performance of GoldBod.
His comments come amid growing public debate over the financial implications of Ghana’s domestic gold purchasing arrangements and the respective responsibilities of the Bank of Ghana and GoldBod.
