By Adnan Adams Mohammed
The National Democratic Congress (NDC) Communications Officer and CEO of Ghana Gold Board, Sammy Gyamfi, has hit back at the New Patriotic Party (NPP) over claims of a $214 million loss under the Gold for Reserves (G4R) program, calling it “uninformed and unfounded”.
In a statement released on December 29, 2025, Gyamfi revealed audited losses incurred by the Bank of Ghana from artisanal small-scale gold purchases under the G4R and Gold for Oil (G4O) programs. The figures show losses of GHS2.15 billion in 2023 and GHS4.84 billion in 2024.
For 2025, unaudited losses stand at approximately GHS2.3 billion ($214 million) from January to September, according to the IMF. Gyamfi contrasted this with the NPP’s claim of $300 million in losses for 2025.
Gyamfi questioned the NPP’s call for a probe, pointing out that under their administration, the Bank of Ghana made cumulative losses of GHS7 billion under the G4O and G4R programs, coinciding with Ghana’s cedi depreciation of 27.8% in 2023 and 19.2% in 2022, and inflation rates of 22.3% and 23.8% respectively.
“In 2025, 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,” Gyamfi noted.
Gyamfi will address the issue further from January 5, 2026. “We welcome that probe. Stay tuned for more,” he said.
