The debate over Ghana's gold purchase programme has taken a sharp turn, with a former municipal chief executive calling out an apparent double standard in how the country's economic wins and losses are being claimed.
Maxwell Ofosu Boakye, former Suame Municipal Chief Executive, has challenged GoldBod CEO Sammy Gyamfi over what he describes as a contradictory approach to the financial losses tied to Ghana's gold reserve accumulation strategy.
At the heart of the dispute is a simple question: if GoldBod takes credit for stabilising the cedi and driving down inflation, should it not also own the losses recorded along the way?
What are the reported losses in Ghana's gold purchase programme?
The International Monetary Fund (IMF) reported that losses from the artisanal and small-scale gold component of Ghana's gold purchase programme reached US$214 million by the end of September 2025. That figure represents roughly 0.2 percent of Ghana's GDP.
According to the IMF, the losses were largely driven by trading activities, exchange-rate movements and GoldBod off-takers' fees. The Fund also acknowledged, however, that the programme has helped build Ghana's international reserves and eased pressure on the foreign exchange market.
Why is the former Suame MCE accusing Sammy Gyamfi of hypocrisy?
Ofosu Boakye said it was baffling that Gyamfi, who previously criticised the New Patriotic Party (NPP) over alleged losses in the Gold-for-Reserves programme, is now asking critics to stop raising questions about losses linked to the current arrangement.
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?
Speaking on 3FM in Accra, Ofosu Boakye argued that the focus should not be on which institution's books carry the losses, whether GoldBod or the Bank of Ghana.