The Centre for Democratic Movement (CDM) has rejected claims that the Bank of Ghana’s reported losses were largely caused by the gold purchase programme, describing such assertions as factually inaccurate and misleading.
Citing published Bank of Ghana financial statements, CDM explained that the central bank recorded total operational losses of GHS9.49 billion for the 2024 financial year, of which only GHS1.8 billion was attributable to the gold purchase programme.
“Any attempt to collapse total annual operational losses into a single gold programme is factually inaccurate and intellectually dishonest,” CDM stated.
The group added that GHS3.49 billion of the total losses arose from revaluation and exchange-rate differences.
According to CDM, misrepresenting the Bank of Ghana’s financial data distorts public understanding and shields decision-makers from accountability.
“Public debate must be anchored in verifiable facts, not exaggerated figures,” the statement said.
The group warned that continued mischaracterisation of official data could erode confidence in public institutions and weaken Ghana’s economic governance framework.
[4:33 PM, 12/31/2025] +233 50 110 5822: CDM accuses GoldBod CEO of contradictions over Gold-for-Reserves losses
The Centre for Democratic Movement (CDM) has accused the Chief Executive Officer of GoldBod, Sammy Gyamfi, of issuing contradictory and misleading public statements over reported losses linked to the Gold-for-Reserves and gold trading programmes.
In a statement released on the controversy, CDM said Mr. Gyamfi initially denied any knowledge of losses, dismissed the International Monetary Fund’s (IMF) assessment, and claimed GoldBod had not recorded losses.
However, the group noted that the same official later admitted that GoldBod had incurred losses amounting to GHS3.3 billion.
“These statements are mutually exclusive,” CDM said, adding that “an institution cannot, in the same breath, claim to have recorded no losses and then acknowledge multi-billion-cedi losses.”
According to the group, this is not a semantic issue but one of truth and accountability.
CDM described the shifting explanations as deeply troubling, warning that inconsistent public communication from the head of a strategic state institution undermines public trust.
“This is a matter of integrity in public office,” the statement stressed.
The group urged Ghanaians to view the controversy not as a routine policy disagreement but as a serious governance issue involving transparency and responsibility in the management of national resources.