“You can’t claim the gains and deny the losses” – Former Suame MCE to Sammy Gyamfi
Former Suame Municipal Chief Executive, Maxwell Ofosu Boakye, has accused Ghana Gold Board (GoldBod) Chief Executive Officer Sammy Gyamfi of applying a double standard in the debate over financial losses associated with Ghana’s gold-for-reserves programme.
Mr Ofosu Boakye described as “baffling” Mr Gyamfi’s position that critics should not attribute losses from the gold purchase programme to GoldBod, arguing that the GoldBod CEO previously criticised the New Patriotic Party (NPP) over alleged losses under the former administration’s Gold-for-Reserves programme.
“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?” he asked.
His comments follow an International Monetary Fund (IMF) report 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 attributed the losses largely to trading activities, exchange-rate movements and fees charged by GoldBod off-takers. The losses represented about 0.2 per cent of Ghana’s Gross Domestic Product (GDP).
The Fund, however, also acknowledged that the programme had contributed to the accumulation of Ghana’s international reserves and helped ease pressure on the foreign exchange market.
Reacting to the report, Mr Ofosu Boakye argued that the debate should not focus solely on whether the losses appeared on the books of GoldBod or the Bank of Ghana.
“It doesn’t matter whose books the losses sit on,” he said.
According to him, the central issue is whether the financial costs associated with the programme should be separated from the economic benefits being attributed to GoldBod.
“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 stated.
He questioned why GoldBod should receive credit for what he described as positive economic outcomes from the programme while distancing itself from the associated 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.
“You cannot take the glory for the successes and run away from the costs when questions are raised,” he added.
Gold-for-reserves policy
Mr Ofosu Boakye also rejected claims that GoldBod originated Ghana’s policy of using domestically produced gold to strengthen the country's reserves.
“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 said.
He argued that although the current administration had transformed and expanded the framework through the establishment of GoldBod, the underlying policy of using Ghana’s gold to build international reserves was introduced under the previous NPP administration.
He maintained that the current debate should therefore focus on the overall financial and economic implications of the programme rather than whether the reported losses are formally attributed to GoldBod or the central bank.