The Acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), now known as GoldBod, Mr. Sammy Gyamfi, has strongly rejected the Minority Caucus’s claims regarding losses from the Bank of Ghana’s Gold for Reserves (G4R) programme, calling their criticisms “uninformed and unfounded.”
In a statement released on December 29, 2025, Mr. Gyamfi announced that he would formally address and clarify the issues related to the International Monetary Fund’s reported $214 million loss under the G4R programme starting January 5, 2026.
However, he felt compelled to share preliminary figures to correct the record due to recent comments from the Minority.
Mr. Gyamfi stated that the audited losses from small-scale artisanal gold purchases under the Gold for Oil (G4O) and G4R programmes during the New Patriotic Party (NPP) administration were substantial.
He revealed that in 2023, the Bank of Ghana reported total audited losses of GHS2.15 billion, which included GHS1.18 billion from G4O and GHS973 million from G4R.
He mentioned that in 2024, the audited losses increased significantly to GHS4.84 billion, with G4O contributing GHS667.79 million and G4R accounting for GHS4.18 billion.
For 2025, Mr. Gyamfi pointed out that G4O had been stopped, while the IMF estimated the unaudited G4R losses to be around GHS2.3 billion, or $214 million, from January to September.
He also noted that the NPP estimates the unaudited losses for 2025 at about $300 million, or GHS3.3 billion.
Mr. Gyamfi described the situation as a “paradox,” questioning why the NPP, which oversaw cumulative losses of about GHS7 billion between 2023 and 2024, was now calling for investigations after losses reportedly decreased in 2025.
He also connected the earlier losses to wider economic issues, highlighting that the Ghana cedi sharply depreciated against the US dollar in 2023 and 2024, while inflation stayed above 22%.
By contrast, Mr Gyamfi said that in 2025, despite reported losses of about GHS3.3 billion, inflation had declined for 11 consecutive months from 23.8 % to 6.3 percent, while the cedi had cumulatively appreciated by over 35% against the dollar — a development he described as unprecedented since 2007.
“We welcome the probe they are calling for,” Mr Gyamfi said, insisting that further details would be provided in January.