The Chief Executive Officer of GoldBod, Sammy Gyamfi, has dismissed claims by the NPP Minority Caucus that the Bank of Ghana (BoG) under the current administration is being unfairly compared to its performance under the previous government.
In a Facebook post sighted by MyNewsGh, Gyamfi highlighted the stark contrast between the performance of the BoG in 2024 under the NPP and in 2025 under the NDC.
“In 2024, the BoG bought just 45 tonnes of ASM gold through PMMC and Red Sapphire, with prices below $2,800 per ounce. That year, they made an audited loss of GHS4.18 billion,” he noted.
He further pointed out the current administration’s gains, stating, “In 2025, the BoG has purchased 102 tonnes of ASM gold, worth over $10 billion, at prices soaring above $4,400 per ounce. Despite this, the reported loss is GHS3.3 billion, far less than the previous administration, yet some are calling for a probe.”
Gyamfi said the accusations of “equalizing” are unfounded. “When you remind them of the much bigger losses the BoG incurred under the NPP, despite buying less gold at lower prices, they cry ‘equalization.’ No, we are not equalizing. We are exposing deliberate mischief and hypocrisy.”
He also emphasized the purpose of the Gold for Reserve (G4R) Program, challenging profit-focused criticism.
“The G4R program is a forex-generation initiative, not a profit-making scheme. Assessing its success by profit and loss misses the point. If profit were the goal, why did the BoG under the NPP buy gold at spot prices for two consecutive years without generating profit?”
