GoldBod CEO to Address $214M Loss Claims

The Chief Executive Officer of GoldBod, Sammy Gyamfi, has announced that he will publicly address allegations of losses under Ghana’s Gold for Reserves programme on Monday, January 5, 2026. This follows claims that the state risks losing nearly $300 million through the initiative.
In a statement shared on social media on Monday, December 29, 2025, Mr Gyamfi said his forthcoming response would focus on issues raised by recent International Monetary Fund (IMF) reports suggesting a loss of about $214 million under 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 $214 million,” he wrote.
The Gold for Reserves programme, launched by the Bank of Ghana in partnership with GoldBod formerly the Precious Minerals Marketing Company, was designed to strengthen the country’s foreign reserves and stabilise the cedi amid ongoing economic challenges.
The initiative has recently come under scrutiny after the Minority Caucus accused the government of mismanaging the programme. The opposition warned that losses could rise to nearly $300 million by the end of the year if corrective measures are not taken.
Mr Gyamfi said the figures he released earlier were preliminary. He insisted that the claims did not present the full picture and pledged that his official response would provide comprehensive clarity on the programme’s performance.
As public debate intensifies over the management of Ghana’s gold reserves, the CEO’s upcoming disclosure is expected to shed light on the programme’s actual performance and its role in the country’s broader economic recovery efforts.