An International Monetary Fund (IMF) report has disclosed that the operations of Ghana GoldBod, led by Sammy Gyamfi, incurred losses of approximately US$214 million (GHS2.6 billion) between January and September 2025. The losses are attributed to the Bank of Ghana, according to the IMF staff report released on December 17, 2025.
The report highlights that the financial losses follow a similar trend of significant deficits under the previous Gold-for-Oil programme, which was implemented under the New Patriotic Party (NPP) government. This earlier programme led to a loss of about US$128 million (GHS1.5 billion) in 2024.
Sources suggest that GoldBod, under Gyamfi’s leadership, is continuing the pattern of losses, further straining the finances of the Bank of Ghana.
The report also indicates that these losses reflect the high costs associated with commodity-backed interventions aimed at stabilizing the economy and managing foreign exchange challenges.
The IMF notes that these financial strains have continued to put pressure on the Bank of Ghana’s balance sheet, complicating efforts to restore its financial health, especially after years of monetary financing, exchange rate instability, and unconventional policy measures.
GoldBod was established as part of the government’s strategy to formalize gold trading, improve foreign exchange inflows, and stabilize the economy. However, the IMF report points to issues such as pricing inefficiencies, operational costs, and market risks that have contributed to substantial financial setbacks for both the Bank of Ghana and GoldBod.
Source: MyNewsGh.com
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