The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has said he will publicly respond to allegations of financial losses under Ghana’s Gold-for-Reserves programme on 5 January 2026, following claims by the Minority in Parliament that the state risks losing nearly $300m.
In a statement shared on social media on Monday, 29 December 2025, Mr Gyamfi said his response would address concerns arising from reports by the International Monetary Fund (IMF), which suggest a loss of approximately $214m linked to the programme.
“As I have already served notice, I will, effective Monday, January 5, 2026, be responding and clarifying issues surrounding the IMF’s reported loss of $214m,” he wrote.
The Gold-for-Reserves programme was introduced by the Bank of Ghana, in collaboration with GoldBod — formerly the Precious Minerals Marketing Company (PMMC) — as part of efforts to strengthen Ghana’s foreign exchange reserves and stabilise the cedi amid ongoing economic pressures.
Under the initiative, locally sourced gold is purchased and added to the country’s reserves, reducing reliance on foreign currency for international transactions. The programme has been central to the government’s strategy to support macroeconomic stability.
However, the initiative has come under renewed scrutiny in recent days, after the Minority Caucus in Parliament accused the government of mismanaging the programme. The Minority has warned that losses associated with the initiative could rise to nearly $300m by the end of the year.
Addressing the controversy, Mr Gyamfi said he had released what he described as preliminary figures after the Minority addressed the media on Monday, insisting that the claims being made did not reflect the full context of the programme’s operations.
He maintained that the figures cited publicly so far were incomplete and risked misleading the public.
Mr Gyamfi said his forthcoming response would provide clarity on the reported losses, the cost structure of the programme and its overall performance, as debate continues over the management of Ghana’s gold reserves.
The disagreement over the Gold-for-Reserves programme has also prompted calls from the Minority for greater transparency and parliamentary oversight, including demands for the disclosure of contracts, pricing mechanisms and foreign exchange arrangements linked to the initiative.
The controversy comes at a time when Ghana is implementing a broader economic recovery programme under the supervision of the IMF, with fiscal discipline and accountability forming key pillars of the reform agenda.
Analysts say the outcome of the debate could influence public confidence in the Gold-for-Reserves initiative and shape future policy decisions around the management of the country’s natural resources.
For now, attention is focused on Mr Gyamfi’s promised response in early January, which is expected to shed more light on the financial position of the programme and address the concerns raised by the Minority.