Acting Chief Executive Officer of the Precious Minerals Marketing Company (PMMC), now rebranded as GoldBod, Sammy Gyamfi, has pushed back strongly against claims by the Minority Caucus over reported losses under the Bank of Ghana’s Gold for Reserves (G4R) programme, describing their criticisms as “uninformed and unfounded.”
In a statement issued on December 29, 2025, Mr Gyamfi said he would, from January 5, 2026, formally respond to and clarify issues surrounding the International Monetary Fund’s reported $214 million loss under the G4R programme. However, he said recent comments by the Minority compelled him to release preliminary figures to set the record straight.
According to Mr Gyamfi, audited losses from artisanal small-scale gold purchases under the Gold for Oil (G4O) and G4R programmes during the New Patriotic Party (NPP) administration were significant. He disclosed that in 2023, the Bank of Ghana recorded total audited losses of GHS2.15 billion, made up of GHS1.18 billion under G4O and GHS973 million under G4R.
In 2024, he said audited losses rose sharply to GHS4.84 billion, with G4O accounting for GHS667.79 million and G4R contributing GHS4.18 billion.
For 2025, Mr Gyamfi noted that G4O had been discontinued, while the IMF has estimated unaudited G4R losses of approximately GHS2.3 billion, equivalent to $214 million, between January and September. He added that the NPP itself places the unaudited 2025 G4R losses at about $300 million, or GHS3.3 billion.
Describing the situation as a “paradox,” Mr Gyamfi questioned why the NPP, under whose leadership cumulative losses of about GHS7 billion were recorded between 2023 and 2024, was now calling for investigations after losses had allegedly reduced in 2025.
He further linked the earlier losses to broader economic challenges, noting that in 2023 and 2024 the Ghana cedi depreciated sharply against the US dollar, while inflation remained above 22 percent.
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 percent to 6.3 percent, while the cedi had cumulatively appreciated by over 35 percent 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.
