Gold for Reserves Scandal? GoldBod CEO Promises Explosive Response to $300M Loss Claims on January 5!
Sammy Gyamfi, the CEO of GoldBod, says he will respond to claims that Ghana’s Gold for Reserves program is losing money on January 5, 2026. The Minority Caucus in Parliament says that the state could lose almost $300 million. On Monday, December 29, 2025, Mr. Gyamfi posted a statement on social media saying that his response would deal with problems that came up because of reports from the International Monetary Fund (IMF) that said the program lost about $214 million. “As I have already said, I will be responding to and clearing up issues about the IMF’s reported loss of $214 million starting Monday, January 5, 2026,” he wrote. The Bank of Ghana and GoldBod (formerly the Precious Minerals Marketing Company) worked together to start the Gold for Reserves program. This was done to help Ghana’s foreign reserves and stabilize the cedi during tough economic times. The program has come under fire recently, though, after the Minority Caucus accused the government of mishandling it and warned that losses could reach almost $300 million by the end of the year. Mr. Gyamfi said that after the Minority talked to the media on Monday, he released what he called “preliminary figures.” He said that the claims made did not show the whole story. He said that his next answer would clear up the numbers and the program’s overall performance. This comes as public debate grows over how to manage Ghana’s gold reserves and the country’s efforts to recover from the recession.
