The Ghana Gold Board is stressing that the Artisanal Small-Scale Mining Gold For Reserve program never made profits for the central bank, even before GoldBod was established.
According to GoldBod, the program is a not-for-profit policy and never made profits for the Central Bank.
The institution insists the program’s primary goal is to support national economic stability, accumulate foreign reserves, and curb smuggling.
“The ASM G4R programme has never at any time generated profits for the Bank of Ghana. As has already been explained, the ASM G4R programme is a not-for-profit policy and has never made profits for the Central Bank,” the statement said.
Chief Executive Officer of GoldBod, Sammy Gyamfi, Esq., has already rejected claims by the minority that the current government is attempting to “equalise” losses under Ghana’s Gold-for-Reserves (G4R) programme, describing the accusations as hypocritical and misleading.
According to him, the claim by the Minority is a non-starter since larger losses were recorded under the previous administration when GoldBod had not been established.
“Equalization? Never, no one is equalizing,” he noted; arguing that the facts show improved performance under the current arrangement.
Mr Gyamfi said that in 2024, the Bank of Ghana (BoG), purchased just 45.3 tonnes of artisanal and small-scale mining (ASM) gold through aggregators, including the Precious Minerals Marketing Company (PMMC) and Red Sapphire.
According to him, gold prices at the time were below $2,800 per ounce, yet the central bank still recorded an audited loss of GHS4.84 billion under the ASM gold purchase programme.
By contrast, he noted that in 2025, under the National Democratic Congress (NDC) administration, the BoG has so far purchased 103 tonnes of ASM gold, more than double the 2024 volume, through PMMC and GoldBod, at a time when gold prices have surged to over $4,400 per ounce.
Despite this, he said the reported loss stands between $214 million and $300 million, which he stressed remains “unaudited and unverified.”
“When you remind them of the much bigger losses when they were in power, they say you are equalising. No, we are not equalising at all. We are simply exposing your hypocrisy and deliberate mischief,” he reiterated.
The Ghana Gold Board has recently been dragged into a $214 million Bank of Ghana trade cost relating to the Gold-For-Reserve Programme.
Even though the IMF indicated the cost in their report and asked for measure to be taken, they praised the Gold-For-Reserve programme in the same report, noting that Ghana has surpassed its reserve target.
