GoldBod CEO Sammy Gyamfi has accused the NPP Minority Caucus of misrepresenting the performance of the Bank of Ghana (BoG) in the ongoing Gold for Reserve (G4R) Program.
Sammy Gyamfi’s social media statement called out the opposition for criticizing the NDC government despite historical losses under the previous administration.
“In 2024, under the NPP, the BoG bought only 45 tonnes of ASM gold at prices below $2,800 per ounce and incurred an audited loss of GHS4.18 billion,” he explained.
He contrasted that with the NDC’s record: “This year, the BoG purchased 102 tonnes of ASM gold worth over $10 billion at prices above $4,400 per ounce.
The unaudited loss is GHS3.3 billion. Yet, the NPP claims foul and demands a probe, despite this being a far better outcome.”
Gyamfi questioned the opposition’s understanding of the G4R Program. “Is this program meant to make profit or to generate foreign exchange?
The facts are clear, it is a forex-generation initiative. You don’t measure its success by profit and loss but by the broader economic impact.”
He also challenged their historical track record. “If profit were the ultimate goal, why did the BoG under the NPP buy gold at spot prices in 2023 and 2024 and fail to make profit? Hypocrisy at its apogee!” Gyamfi concluded.
