Accra: Former Suame Municipal Chief Executive, Maxwell Ofosu Boakye, has openly criticized GoldBod Chief Executive Officer Sammy Gyamfi for what he perceives as a double standard in the ongoing debate concerning financial losses linked to Ghana's gold reserve accumulation programme.
According to Ghana Web, Ofosu Boakye expressed his disapproval of Gyamfi's stance, highlighting that Gyamfi, who had previously criticized the New Patriotic Party (NPP) for alleged losses in the Gold-for-Reserves programme, is now urging critics to refrain from questioning the losses associated with the current arrangement, arguing that these losses were not incurred by GoldBod. Ofosu Boakye questioned the inconsistency, stating, "You relentlessly attacked the NPP over alleged losses in the Gold-for-Reserves programme, but now demand silence over GoldBod losses. How is that not hypocrisy and baffling?"
His remarks come in the wake of a report by the International Monetary Fund (IMF), which indicated that losses from the artisanal and small-scale gold component of Ghana's gold purchase programme had reached US$214 million by the end of September 2025. The IMF noted that these losses, amounting to approximately 0.2 percent of Ghana's GDP, were primarily due to trading activities, exchange-rate fluctuations, and fees associated with GoldBod off-takers.
While the IMF acknowledged that the gold programme had contributed to building Ghana's international reserves and alleviating pressure on the foreign exchange market, Ofosu Boakye emphasized the need to focus on the broader implications rather than on which institution's accounts reflect the losses. "It doesn't matter whose books the losses sit on," he remarked during an interview on 3FM in Accra.
Ofosu Boakye argued that the discussion over whether the losses should be attributed to GoldBod or the Bank of Ghana is missing the larger point. He stated, "It is irrelevant on whose books the losses sit, whether the Bank of Ghana or GoldBod. The GoldBod CEO and the likes have said GoldBod has been the bedrock of the economy, sustaining the cedi and resulting in declining inflation and other positive economic indicators."
He further questioned why GoldBod should be credited for the economic benefits arising from the programme while distancing itself from the financial costs. "If they take the glory for the purported economic successes of the Ministry of Finance and Bank of Ghana activities, why are they then running away from the recorded losses that have come up as a result of their activities too? Isn't it mind-baffling?" he asked.
Ofosu Boakye concluded by dismissing attempts to portray GoldBod as the originator of Ghana's gold-for-reserves policy, asserting that "GoldBod is a brainchild of the NPP, not the NDC. The NPP brought an end to gold smuggling in Ghana through the Gold Purchase Programme." He maintained that while the current administration may have expanded the framework through GoldBod, the foundational policy of utilizing Ghana's gold to bolster the country's reserves was already in existence.