The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, who doubles as CEO of the Goldbod has defended the government’s Gold for Reserves (G4R) programme, while sharply criticising the Precious Minerals Marketing Company (PMC) over what he described as poor financial performance under the previous administration.
Speaking on Joy FM’s New File current affairs program on Saturday 3rd January 2026, the Goldbod CEO dismissed claims that he was attempting to score political points by comparing institutions, insisting that his comments were aimed at exposing what he called “duplicity and hypocrisy” in the ongoing public debate over the G4R initiative.
According to him, data obtained from the Bank of Ghana on all G4R-related lawsuits since the programme’s inception shows that critics are misrepresenting the purpose and outcomes of the initiative.
“Am I equalising to score political points? No. Am I comparing lawsuits? No. I am exposing the duplicity and hypocrisy,” he stated, adding that G4R was never designed as a profit-making venture.
Sammy Gyamfi accused critics of exaggerating concerns about legal challenges surrounding the G4R programme while ignoring what he described as far greater financial losses incurred under PMC.
He alleged that PMC recorded losses of GH¢2.1 billion in 2024 despite purchasing only 45.3 tonnes of gold, and a further GH¢4.8 billion loss the previous year.
“They made a loss of 4.8 billion cedis in one year alone,” he said.
Addressing former Information Minister Kojo Oppong Nkrumah directly during the discussion, the Goldbod CEO questioned the developmental cost of those losses.
“Tell us how many Agenda 111 hospitals your loss in 2024, which is 4.8 billion cedis, could have built,” he remarked.
He further argued that the performance of the Gold Board under the G4R programme shows significant improvement in volumes and value within a short period. According to him, gold volumes increased from 45.3 tonnes to 103 tonnes, more than doubling within a year, while export value rose sharply.
“From 3.1 billion dollars to 10.8 billion dollars,” he said, describing the figures as evidence of improved efficiency compared to PMC’s eight-year record.
Mr. Gyamfi noted, however, that final assessments of losses and costs under the Gold Board would be determined after a full accounting process is completed.
The exchange, which featured moments of sharp sarcasm and political banter, drew widespread attention on social media, with Mr. Gyamfi mocking what he described as selective criticism of the G4R programme while overlooking past financial setbacks at PMC.
The debate comes amid heightened scrutiny of Ghana’s gold management policies and renewed political contestation over the economic legacy of successive administrations.
Source :www.kumasimail.com
