Sammy Gyamfi to Address Alleged Losses in Ghana’s Gold for Reserves Programme on Jan 5

Introduction

In a move closely watched by international investors and local stakeholders, Sammy Gyamfi, the Chief Executive Officer of GoldBod, has announced he will publicly address allegations regarding significant financial losses within Ghana’s Gold for Reserves programme. Scheduled for January 5, 2026, this highly anticipated response aims to clarify figures cited by the International Monetary Fund (IMF) and counter claims made by the Minority Caucus in Parliament. As Ghana navigates complex economic challenges, the integrity of its foreign exchange reserves management and gold export strategy remains a critical focal point for the nation’s financial stability.

Key Points

Background

To understand the gravity of the upcoming announcement, it is necessary to examine the context of the Gold for Reserves programme. Implemented by the Bank of Ghana (BoG) in collaboration with GoldBod, this initiative was introduced as a strategic pillar of Ghana’s economic recovery plan. The primary objective was to convert a portion of the country’s gold production into foreign currency reserves, thereby strengthening the national balance of payments and stabilizing the exchange rate of the Cedi.

Ghana, a major gold producer, has historically struggled with managing the revenues from its natural resources. The Gold for Reserves programme was intended to create a systematic channel for accumulating foreign assets, shielding the economy from external shocks. However, the programme has recently faced intense scrutiny. On Monday, December 29, 2025, the Minority Caucus in Parliament raised alarm bells, accusing the government of gross mismanagement. They warned that the initiative, rather than saving money, might be hemorrhaging funds, with potential losses escalating to nearly $300 million by year-end.

Analysis

The controversy centers on conflicting data and the transparency of the gold swap arrangements managed by GoldBod. Sammy Gyamfi’s intervention is crucial for several reasons.

The IMF Report vs. Minority Claims

The International Monetary Fund (IMF) plays a significant role in monitoring Ghana’s economic performance under various loan programmes. Reports suggesting a loss of $214 million under the Gold for Reserves scheme have provided ammunition for opposition critics. The Minority Caucus has extrapolated this figure, suggesting that the total exposure could reach $300 million. This discrepancy raises questions about the valuation of gold reserves, the timing of sales, and the operational efficiency of the partnership between the central bank and GoldBod.

The Role of GoldBod

GoldBod, the rebranded entity formerly known as the Precious Minerals Marketing Company (PMMC), is central to this debate. As the agency responsible for the commercial aspects of the gold trade, its performance directly impacts the state’s revenue. Sammy Gyamfi’s assertion that the Minority’s claims “do not present the full picture” suggests that there may be technical nuances—such as accounting for non-cash assets or long-term investment horizons—that have been overlooked in the public discourse. His upcoming address is expected to provide a detailed breakdown of the financial accounting related to the programme.

Economic Implications for the Cedi

The ultimate test of the Gold for Reserves programme is its effect on the Ghanaian Cedi. The programme was designed to provide a buffer against currency depreciation. If the allegations of $214 million in losses are accurate without a corresponding asset value increase, it could signal a failure in the forex hedging strategy. Conversely, if the “losses” are merely paper losses resulting from accounting valuations or operational costs that will be recouped, the programme might still be on track to achieve its long-term stabilization goals.

Practical Advice

For investors, economists, and Ghanaian citizens following this story, here is how to interpret the upcoming announcement and the broader implications for Ghana’s economy:

For Investors and Market Watchers

When Sammy Gyamfi speaks on January 5, look beyond the headlines. Specifically, ask for the following metrics:

• Cost vs. Loss: Distinguish between operational costs (money spent to run the programme) and actual financial losses (selling gold below market value or losing foreign currency).
• Asset Backing: Verify if the “losses” are offset by an increase in physical gold holdings or other financial assets.
• Market Timing: Analyze whether the losses resulted from adverse movements in global gold prices or poor timing in the foreign exchange market.

For Policy Observers

Monitor the relationship between the Bank of Ghana and GoldBod. Transparency in their reporting is vital for restoring public confidence. If the response on January 5 confirms significant mismanagement, it may necessitate a restructuring of how Ghana manages its precious mineral resources. However, if the data proves the programme is profitable or viable in the long run, it could silence critics and reinforce the government’s strategy to use gold as a tool for macroeconomic stability.

FAQ

Conclusion

The upcoming statement by Sammy Gyamfi on January 5, 2026, represents a critical moment for Ghana’s economic governance. The Gold for Reserves programme was envisioned as a lifeline for the Cedi and the national treasury. Whether it has delivered on that promise or succumbed to inefficiencies is the question hanging over the administration. By demanding precise data and transparent accounting, the public and international observers can ensure that Ghana’s precious resources are managed effectively. As the date approaches, all eyes will be on GoldBod to see if they can turn the page on these allegations and restore faith in the country’s gold monetization strategy.