By Sankofaonline News Desk
Accra, Ghana — December 29, 2025
A new political storm is brewing over the Bank of Ghana’s losses under the Gold for Reserves (G4R) and Gold for Oil (G4O) programs, as the National Democratic Congress’ National Communications Officer, Sammy Gyamfi, signals plans to release a comprehensive clarification on the matter on January 5, 2026.
Gyamfi’s announcement follows a press conference held earlier today by the Minority Caucus, which he says was filled with “uninformed and unfounded claims.” In advance of his full response, he has released preliminary figures detailing the Bank of Ghana’s audited and unaudited losses under the domestic gold purchase initiatives since their inception.
Breakdown of Reported Losses
According to Gyamfi, the Bank of Ghana incurred significant losses from artisanal small‑scale gold purchases under both the G4R and G4O programs:
2023 Audited Losses
- G4O: GHS 1.18 billion
- G4R: GHS 973 million
Total: GHS 2.15 billion
2024 Audited Losses
- G4O: GHS 667.79 million
- G4R: GHS 4.18 billion
Total: GHS 4.84 billion
2025 Unaudited Losses
- G4O: Discontinued
- G4R: Approximately GHS 2.3 billion (US$214 million), based on IMF estimates
Gyamfi notes that this figure remains unaudited.
He also points out that government spokespersons have cited a higher estimate of US$300 million for 2025 G4R losses, equivalent to roughly GHS 3.3 billion.
A Political Paradox
Gyamfi argues that the NPP’s call for a probe into the 2025 losses is contradictory, given that the Bank of Ghana recorded a combined GHS 7 billion in losses under the same programs during the 2023–2024 period.
He further contrasts the economic outcomes during those years with current indicators. According to his analysis:
- In 2023, the cedi depreciated by 27.8% against the U.S. dollar.
- In 2022, the currency weakened by 19.2%.
- Inflation stood at 22.3% in 2023 and 23.8% in 2024.
By comparison, Gyamfi highlights that in 2025, despite the ongoing losses:
- Inflation has reportedly fallen for 11 consecutive months, dropping from 23.8% to 6.3%.
- The cedi has appreciated by more than 35% against the dollar — the first sustained appreciation since 2007.
He argues that these improvements undermine the criticism of the Bank of Ghana’s current management of the G4R program by the minority party.
Probe Welcomed
Despite the political tension, Gyamfi says the ruling party welcomes any formal investigation into the gold purchase programs, insisting that such scrutiny will only reinforce the facts he intends to present in full on January 5, 2026.
As the debate intensifies, all eyes now turn to the upcoming release of Gyamfi’s detailed analysis — a document he suggests will reshape the public conversation around the Bank of Ghana, GoldBod, and the country’s broader economic management.
