The Centre for Democratic Movement (CDM) has called on President of the Republic to direct the Chief Executive Officer of GoldBod, Mr. Sammy Gyamfi, to step aside from office to allow for an independent investigation into the GoldBod and Gold-for-Reserves programmes.
In a strongly worded statement issued on the ongoing GoldBod and Gold-for-Reserves controversy, the policy and governance advocacy group accused the GoldBod CEO of issuing contradictory public statements regarding losses associated with gold trading operations.
According to CDM, Mr. Gyamfi on December 24, 2025, publicly denied that GoldBod had incurred any losses and dismissed claims by the International Monetary Fund (IMF) and reports of a US$214 million loss by the Bank of Ghana as inaccurate. However, the group noted that just five days later, on December 29, 2025, the same official acknowledged that GoldBod had recorded losses amounting to approximately GHS 3.3 billion.
CDM described the two positions as “mutually exclusive,” arguing that an institution cannot deny losses and later admit to multi-billion-cedi losses without raising serious concerns about transparency and accountability.
The group also challenged public claims regarding the Bank of Ghana’s financial performance, citing the central bank’s published 2024 financial statements. According to CDM, while the Bank of Ghana recorded total operational losses of GHS 9.49 billion for the year, only GHS 1.8 billion of that amount was attributable to the gold purchase programme. The remainder, CDM said, resulted from revaluation and exchange-rate differences, contrary to claims that the entire loss stemmed from gold-related operations.
CDM expressed particular concern over what it described as projected trading losses of GHS 3.3 billion by GoldBod, stressing that such losses were not the result of accounting adjustments but actual trading activities where gold was allegedly bought and sold at a loss.
“These revelations fundamentally undermine the credibility of GoldBod’s management,” the statement said, while raising questions about who approved the trading model, who benefited from the transactions, and why the public was not earlier informed.
The group further criticised the government’s handling of the gold-related programmes, accusing officials of shifting explanations, deflection, and lack of transparency in managing what it described as a strategic national economic asset.
On the conduct of the GoldBod CEO, CDM said the repeated contradictions in Mr. Gyamfi’s public statements were incompatible with the standards expected of a public officer overseeing a critical state institution. The group argued that continued leadership under such circumstances erodes public confidence and institutional credibility.
As part of its demands, CDM called for:
Immediate presidential action to have the GoldBod CEO step aside pending investigations;
A sworn public statement reconciling all conflicting claims with verifiable data;
A full forensic audit of GoldBod’s trading activities;
Publication of all gold purchase and resale contracts;
Parliamentary and possible prosecutorial scrutiny of officials involved in approving loss-making transactions; and
Immediate measures to prevent further financial exposure pending the outcome of investigations.
CDM concluded that the controversy represents a critical test of Ghana’s commitment to transparency and responsible economic governance, warning that failure to act decisively could further erode public trust.
“The stewardship of Ghana’s gold resources is a sacred public trust,” the statement said, adding that accountability must follow where credibility has been compromised.
