The Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, has criticised the response of the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, to the reported US$214 million loss under the Gold-for-Reserves (G4R) programme, describing it as “unfortunate.”
His comments follow Mr. Gyamfi’s initial reaction to claims by the Minority in Parliament concerning losses incurred by the Bank of Ghana under the Gold-for-Reserves initiative.
Earlier, the Minority had called for a bipartisan parliamentary inquiry into the reported losses, demanding full disclosure of procurement processes, fees and pricing formulas linked to GoldBod and the Bank of Ghana’s domestic gold purchase programmes.
In response, Mr. Gyamfi said he would issue a detailed rebuttal to the IMF report and related concerns from January 5, 2026. He also disclosed that audited losses recorded under the Gold-for-Oil (G4O) and G4R programmes in 2023 and 2024 amounted to about GH¢7 billion, adding that the 2025 unaudited loss of GH¢2.3 billion (approximately US$214 million) represents a significant reduction compared to previous years.
The GoldBod CEO further pointed to what he described as improving macroeconomic indicators, citing a steady decline in inflation from 23.8 per cent to 6.3 per cent and a more than 35 per cent appreciation of the cedi against the US dollar, which he argued demonstrate positive outcomes of government economic management.
However, speaking on Channel One Newsroom on Monday, December 29, Mr. Fokuo took issue with the approach adopted by Mr. Gyamfi, accusing him of deflecting attention from the magnitude of the loss by comparing it to outcomes under previous administrations.
“The response by the CEO of GoldBod is rather unfortunate,” the lawmaker said. “If you are a CEO and such a significant loss has occurred under your watch, I am surprised that the response on social media is to say, ‘Yes, I made a loss, but another government also made losses.’”
He added that such arguments would have been expected from party communicators, not the head of a key state institution tasked with safeguarding public resources.
